Saturday, August 24, 2013

Should I continue with my employer plan or go to Access Health CT for a discount?

This is a common question these days so I want to share a short article from WebMD with some things to think about.

To provide some information about Connecticut lets look at what a Single person might pay as their share of the medical insurance plan's monthly premium. A plan through Access Health CT for a person who earns 30k will cost them $237.50 a month. Some one at 40k will pay $316.66 each month. Couple points about this new way to obtain health insurance:

● The amounts above are more than the contribution many employees pay each month under their current Single coverage.

● Individuals with these incomes will qualify for premium support and this amount, which is called an Advance Premium Tax Credit (APTC), will be sent each month to the health insurance company they selected.
Note: A person's APTC is based only on income. Whether they are 32 or 62 if their income is the same their APTC will be the same.

● These individuals will get a bill each month from their plan and pay their share with after tax dollars.

● Individuals enrolled in a group medical benefit plan through their employer normally pay their share of the monthly premium with before tax dollars.

BTW - a Single person with incomes like above who currently has an Individual medical insurance plan will benefit from the new premium support program.

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