Thursday, September 10, 2015

Sharing a CT Mirror post showing what Individual Medical insurance costs will be in 2016.

This informative article includes charts comparing rates for different health insurance companies.

One thing not included in the post is some people who enroll in a medical insurance plan through Access Health CT. The way this works a person who enrolls in a Silver Plan and whose adjusted gross income, on their Single IRS 1040 in 2014, is about 46k or below is eligible for what I like to call - premium support. It's officially called a Advance Premium Tax Credit (APTC).

What this means - the amount they pay each month is based on their AGI income not age. The APTC is the amount the premium for their age is above what their income level qualifies them to pay. Thus, the APTC for someone age 62 and whose AGI is 40k will be higher than someone at 42 who has the same AGI.

The federal system sends the APTC amount to the qualified person's health insurance company each month.
+ Anyone who qualifies for a APTC will also be enrolled in a plan with a lower maximum expense limit for the year.

+ A person whose AGI is around 32k or lower also becomes eligible for Cost Sharing Reductions, which lower their plan's deductible and visit co-pays.

Bottom line there is more to selecting a plan on Access Health CT than looking for the lowest premium. It is important for consumers here in CT looking for an Individual Medical insurance plan to contact a health insurance professional certified to work with Access Health CT.

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