Buying Personal Health Insurance Coverage on the Exchange

(Source: BlueCross BlueShield of Tennessee)

 

Currently, an estimated 250,000 to 900,000 Tennesseans are uninsured. Health insurance Exchanges will give more people greater access to health insurance and wellness benefits.

By 2014 all states must have a health insurance Exchange in place.

 

More People Are Eligible for Coverage

Health care reform provides greater access to health insurance in several ways.

  • If you are a young adult, you may remain on your parents’ health insurance plan up to age 26.
  • If your income is less than 138 percent of the federal poverty level – currently this is $15,028 for a household of one or $30,843 for a household of four – you will qualify for Medicaid coverage.
  • Purchasing an individual policy may become easier through an insurance Exchange, with tax credits and subsidies to support lower-income individuals.
  • You are guaranteed coverage even if you have health issues or pre-existing conditions.
  • Employers and individuals will be required to purchase health insurance coverage or risk being fined.

Financial Aid for Lower-income Individuals

  • People with incomes up to 250 percent of the federal poverty level – currently $27,225 for a household of one or $55,875 for a household of four – will be eligible for premium tax credits and help with out-of-pocket health care costs.
  • Those with incomes between 251 percent and 400 percent of the federal poverty level –currently $27,225 to $43,560 for a household of one – will be eligible for tax credits to make up for a portion of the premiums.
  • Tax credits are set at a fixed dollar amount. They won’t change based on the insurance plan or insurance company chosen.
  • During the purchase process, you can see your premium choices among all insurance carriers.

 

Exchange Plan Options

Open enrollment (the time period in which you can apply for coverage) for Exchanges is set to start Oct. 1, 2013. Individual Exchange plans will be divided into four different levels – Bronze, Silver, Gold and Platinum.

All plans must cover essential health benefits. It is expected that a few plans will be offered at each level.

 

[one_fourth]

Bronze Plan

Lower monthly payments

Higher cost when you receive medical services

[/one_fourth] [one_fourth]

Silver Plan

Higher monthly payments than a Bronze plan

Lower cost than a Bronze plan when you receive medical services

[/one_fourth] [one_fourth]

Gold Plan

Higher monthly payment than a Silver plan

Lower cost than a Silver or Bronze plan when you receive medical services

[/one_fourth] [one_fourth_last]

Platinum Plan

Highest monthly payments

Lowest cost when you receive medical services

[/one_fourth_last]

 

For more information on the Exchange, contact Phil Ketron with Triten Insurance at (423) 279-9060.