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 medical cost-sharing programs and medical services discount cards. While these plans are cheap upfront, they are very limited in benefits. Qualified health plans typically have bigger price tags, but in ALL cases, they offer more comprehensive coverage and can help save a lot of money in the long run.
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What Is an ACA-Qualified Health Plan?
- 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.
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. In other words, the monthly costs for these plans are more affordable, but 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 10% 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.
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.