Access Health CT will be the state's new health insurance market. The new marketplace will allow small businesses and individuals to purchase health insurance at federally sub-subsidized rates. The marketplace will officially open on January 1, 2012. When choosing a plan for health insurance, there are many factors to take into consideration.
Plans Available
Access Health CT offers a range of plans that cover essential health benefits. Some services are free. These plans have different monthly rates. Check out the metal level for a comparison of the costs. Although the monthly premium is low, this catastrophic plan covers only 60% of your costs. This plan is best for those who require extensive medical care such as hospitalizations or acute illnesses. This plan also has lower coverage limits, so you can enroll at any time during the year.
Access Health CT offers plans to both individuals as well as families. Silver plans cover many services and have lower prescription drug deductibles. Silver plans are best for those who only require certain services occasionally. Cost-Sharing Reductions may be available, which reduce out-of pocket costs for coinsurance and deductibles. However, you must enroll in a Silver level plan in order to qualify for these lower-cost options.
Prices of plans
Access Health CT has many plans available. Each plan comes with its own limitations and benefits. Each plan has its own monthly premium and deductible. The platinum plan provides comprehensive coverage for those who need it. Platinum plans are for people with serious medical needs and cover 90 percent. There are also catastrophic plans available for residents below 30 and those who meet the hardship exemption criteria. This plan is less comprehensive but still has a low premium, and lower deductible. You can also get financial assistance in varying amounts.
Access Health CT is available for those currently covered by employer-sponsored plans. To sign up for this plan, however, you must wait until the fall open enrollment period. You may be eligible to change to the Covered Connecticut program. However, you may not be eligible to receive tax credits. Therefore, wait until the Special enrollment period.
There are several options available for enrolling into plans
Access Health CT, Connecticut's new health insurance market, will allow small and large businesses and individuals to get affordable health insurance through federally subsidised rates. Access Health CT can be a great way to save money if you don't have insurance or are looking to replace your existing plan.
You have the option to select from many options when you sign up for a plan. Your income and eligibility will determine the options you have. You may be eligible for a subsidy depending on your status as caregiver. You can get a plan through a partnership company like HUSKY. Both companies have overlapping networks 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 is a way to help people afford health insurance premiums. It is available to individuals and families earning up to 138 percent of the federal poverty level. These people can apply the credit to purchase bronze, silver and gold or platinum insurance plans.
The credit can be used immediately after signing up for an insurance program. You will need to pay your monthly premiums in most cases. However, you can request a premium credit tax credit right away. Based on your income, tax credits may amount to up to $1,000 per annum.