Marketplace Plans are a great option for comprehensive coverage, but there are so many decisions to make: 1. What’s the best health insurance for self employed people? 2. HDHP vs PPO 3. HDHP and HSA (Health Savings Account 4. Unemployment and Tax Credits There are many factors to take into consideration when choosing a health insurance plan but basically it boils down to needs vs budget.
Your monthly premium is the amount you pay out of pocket to keep your insurance active. If you qualify for a tax credit, this is where you will see those monthly savings. The are four “metal levels” of coverage: Bronze Silver Gold Platinum Generally speaking, bronze will have those lowest monthly premiums and platinum will have the highest. If you qualify for a tax credit, it will be applied to your monthly premium regardless of which plan you choose. Then there is the deductible (the OOP before cost sharing) Under the ACA, all marketplace insurance plans must cover services deemed essential benefits before you meet your deductible. So for these services, you may have a copay or coinsurance as opposed to being responsible for the entirety of the cost even before your deductible is met. Some benefits are also covered at no cost. Then there is the cost sharing aspect. Once you’ve met your deductible (or before if it is an “essential benefit”) you will pay for a portion of the cost and your insurance will pay for a portion. Even though there may be a pattern in the premiums and deductibles, the cost sharing is how the plans are delineated.