Navigating the Health Insurance Marketplace

Charles Goodman Group: Professional Insurance Companies in Armonk NY

The Affordable Care Act affects everybody, even those with coverage through their employers. It’s now mandatory for all U.S. citizens to have health insurance, and unless you earn too little to file a tax return, you can be penalized for not having at least basic coverage. However, the law provides subsidies for people with low incomes, so better health insurance is generally affordable for anyone. For example, you could enroll in a Silver or Gold plan for the same amount you would pay for a Bronze plan, or you could enroll in a cheaper Bronze plan and receive a tax rebate at the end of the year. You don’t have to wade through the marketplace on your own, though. Talk to an Armonk insurance agent about finding a policy that fits your needs and budget.

Bronze plans are the cheapest options available and typically have high deductibles and high maximum out-of-pocket expenses. They cover only 60 percent of your care, but premiums can be as low as $50 per month.

An agent from the Charles Goodman Group in Armonk NY would be happy to answer any question you have about insurance companies.

It may be tempting to choose this option simply to avoid paying the penalty for being uninsured, but if you need to use your coverage, you could end up paying the entire cost of your hospital bill, even though you have insurance. Another affordable, and better, option is a Silver plan, which covers 70 percent of your care. Premiums typically range from $200 to $300 per month, but your deductible can be as low as $0. With a federal subsidy, you can end up paying $25 per month for a Silver plan and receive healthcare for 30 percent of its normal cost.

If you foresee needing healthcare often, you may want to consider a Gold or Platinum plan. Gold plans cover 80 percent of your care, while Platinum plans cover 90 percent. Under the Affordable Care Act, insurance companies are not allowed to deny coverage or charge higher premiums for people with existing conditions. If you have a chronic condition, such as diabetes, you can shop for insurance at the same rates as healthy people. Gold plans cost upwards of $300 per month, while Platinum plans can cost as much as $800 per month. The benefit is that, as long as you stay in your network, you will never have a hospital bill for thousands of dollars. You should have no problem finding excellent care within your network, unless you need to see a specialist for an unusual condition or need to go to the emergency room.