Access Health CT is the new state's health insurance marketplace. This marketplace will let individuals and small business buy insurance at federally-subsidized rates. The new marketplace is set to open on January 1st. There are many factors you need to consider when choosing health insurance.
Plans available
Access Health CT has plans that provide ten essential health benefits. Other services are available at no charge. These plans have different monthly rates. Check out the metal level for a comparison of the costs. The catastrophic plan with the lowest monthly premium has only 60 percent coverage. This plan is ideal for those who require intensive medical care, such a hospital stay or an aggravated illness. The coverage limits are also lower, and you can enroll in this type of plan at any time of the year.
Access Health CT provides plans for both individuals, and families. Silver plans cover many services and have lower prescription drug deductibles. If you only need to use certain medical services every now and then, you may want to consider a Silver plan. Cost-Sharing Reductions (CSRs) may be an option that lowers your out-ofpocket expenses for deductibles, coinsurance, and copayments. For these options to be available, you must sign up for a Silver level plan.
Costs of plans
There are several plans to choose from within the Access Health CT marketplace, and all have their own benefits and limitations. Each plan has its monthly premium, copay amount, and deductible. The platinum plan is an excellent choice for people who need extensive coverage. Platinum plans cover 90 percent of care costs and are typically designed for people with serious health needs. There are also catastrophic plans available for residents below 30 and those who meet the hardship exemption criteria. While this plan does not offer as much coverage, it has a lower premium than the deductible. You can also get financial assistance in varying amounts.
Access Health CT plans can be switched to if you are currently covered under an employer sponsored plan. To sign up for this plan, however, you must wait until the fall open enrollment period. You can also switch to the Covered Connecticut program if you're eligible. However, you may not qualify for tax credits, so you should wait until the Special Enrollment Period to do so.
Optional ways to enroll in plans
Access Health CT, Connecticut's newest health insurance marketplace, will offer affordable health insurance coverage for individuals and small-businesses at federally subsidized rates. Access Health CT is a great option if you're currently without insurance, or need to change your current plan.
There are many options available to you when you sign up for a policy. You will be able to choose from a variety of options depending on your income and eligibility. In some cases, you may be eligible for a subsidy based on your status as a caregiver. A partner company such as HUSKY can also help you get a plan. Both companies share the same network of providers. You can visit the same provider or doctor even if you have family members on both plans.
Tax credits available
The tax credit can help you afford your health insurance premiums. Individuals and families can apply for it if they earn up to 138 per cent of the federal poverty line. These people can apply the credit to purchase bronze, silver and gold or platinum insurance plans.
You can apply for the credit right away after you enroll in an insurance plan. While you are required to pay for your monthly premiums in most instances, you may be eligible for a premium tax credit. Based on your income, tax credits may amount to up to $1,000 per annum.