Finding an ACA-Qualified Health Insurance Plan
When it comes to health insurance coverage, there are a lot of options available. If you are looking for affordable coverage, you have probably seen limited benefit insurance plans like indemnity health plans and medical services discount programs. While these plans are cheap upfront, they are limited in benefits. Qualified Health Plans (QHP’s) typically may cost more (unless you are eligible for Government “Subsidies”, but in ALL cases, they offer more comprehensive coverage and can help save a lot of money in the long run, especially for large medical bills.
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What Is an ACA-Qualified Health Plan?
A Qualified Health Plan, or QHP, is a health insurance plan that provides coverage for the 10 essential benefits outlined in the 2010 Affordable Care Act. These essential benefits include:
- Outpatient care
- Emergency services, including services provided at an out-of-network hospital
- Hospitalization, such as for surgeries and overnight stays
- Prenatal and postnatal care
- Treatment for mental health and substance abuse disorders, such as counseling services and psychotherapy
- Prescription drugs
- Rehabilitative and habilitative services for policyholders with injuries, illnesses or chronic conditions
- Laboratory services
- Chronic disease management and preventative and wellness services
- Pediatric services, including vision and dental care for children
These essential health benefits are minimum requirements for all Marketplace ACA (Obamacare) plans. They are broad categories, and the specific services that are covered vary from one state to another, depending on what that state requires.
In addition to these requirements, QHPs (Qualified Health Plans) must also comply with limits regarding your cost-sharing costs, (your out of pocket expenses) including deductibles, co-payments and annual out-of-pocket limits.
How Much Does a Qualified Health Plan Cost?
Those who are purchasing a qualified health plan on the Marketplace or a state exchange like Nevada Health Link have multiple levels of coverage to choose from. These are typically referred to as the “metallic levels” because they are called bronze, silver, gold, and platinum plans. In Nevada, there are four types of plans, including catastrophic, bronze, silver, and gold. Although we haven’t seen a Platinum plan in a few years, we have seen a few Gold plans available.
All of these plans provide coverage for the 10 essential benefits, but out-of-pocket costs differ. Lower-level plans like the bronze plans have lower premiums but higher deductibles and co-pays. You will pay more in medical bills with the Bronze plans, however, the monthly costs for these plans are more affordable. Bronze plan’s you will have to pay 40% or more for healthcare services. On the other hand, if you have a gold plan, you pay more each month for your coverage, but you will only pay 20% of your medical costs. In Nevada in 2020, the average person with a bronze plan pays $307 per month and $482 per month for a gold plan.
While these costs may seem steep, only about 17% of people pay their full premium if applying through Nevada Health Link. Most people qualify for an income-based subsidy that brings down the monthly costs of their health insurance premiums.
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Finding Affordable Health Insurance with Nevada Insurance Enrollment
Health insurance costs are calculated based on numerous personal factors and vary widely from one person to another, so your monthly premium may be lower or higher than average. A health insurance agent at Nevada Insurance Enrollment can help you find a health insurance plan that meets your needs and budget.
Related Articles:
♦ What You Need to Know About Obamacare Health Insurance
♦ The Federal Poverty Level and Your Health Insurance Subsidy
♦ What Are Essential Health Benefits and Who Has to Have Them?
♦ What Is Covered by The Affordable Care Act (ACA) Health Care Plans
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