Like most important issues now, state health insurance exchanges are susceptible to political sabotage. Your best option is going to be to have your personal advisor run a comparison of what coverage is available before you buy. Premiums will be the same through us or an exchange. And, if you qualify for a subsidy, we can run your purchase through an exchange so you don’t have to give up anything you could get through an exchange.
Not Everyone Will Be Allowed to Use the Exchanges
At least initially, the new exchanges will only serve individuals who purchase their own coverage and employees of companies that employ up to 100 workers. Actually, it’s down to 50 or fewer in some states.
What Will Exchange Plans Be Like?
Based on coverage, policies will be divided into four types: bronze, silver, gold and platinum. The most comprehensive coverage will be available at the platinum level, and the least coverage will be found in the bronze-level plans.
What Will Premiums Be Like?
There’s still a lot to be worked out, but premiums will vary depending on how much coverage you need and in which state you live. We do know that insurance companies won’t be able to charge more based on gender or health problems. We do know that for most people premiums will go up – a lot. This is particularly the case for young people, who will be subsidizing the premiums of older policyholders.
Where Can I Find the Greatest Selection of Coverage Options?
Insurance companies do not have to sell through the exchanges. And, some states may limit which companies participate. For instance, California officials have already decided to limit the number of insurers so state officials can preselect the highest value plans. State exchanges run by people in the federal government are going to accept all qualifying plans. Some states, like Colorado, will also accept all plans that meet the requirements. The states with federally-run exchanges will also accept all qualifying plans.
Amanda Grace is a contributing author to HSA for America and an expert on Health Savings Accounts.