Silver Plans Offer Extra Help

I just read that two million people who get help with their health insurance premiums are missing out on extra help with their deductible, co-pays, and MOOP (max out-of-pocket). They missed out because they did not sign up for a Silver Plan.

Silver plans offer extra help.

If a person’s income (or a family’s income) is less than 250% of the federal poverty level, they must enroll in a Silver plan to get their deductible reduced, their MOOP reduced, and their co-pays reduced. Their Silver plan essentially gets turned into a Gold plan with these adjustments.

I went to healthsherpa.com to take a quick look at how lower income changes the cost of health insurance. I would have gone to healthcare.gov, but that web site does not allow a person to “shop” at this time of year. Why did they take down this feature after the Open Enrollment Period?

I put in info for a woman who is 60 years old, is a non-smoker, and lives in Tucson, AZ.  Then I played around with different incomes.  First I put in $30,000, knowing a person with this income will get some help with her premium.  In fact, she’ll get a $174 in premium help each month, no matter which type of plan she signs up for.

$30,000 income: SOME PREMIUM HELP

She gets premium help, but her deductible is pretty big.  Her MOOP ($6,600) and co-pays are also pretty high.

silver with subsidy

 

 

 

 

 

 

 

 

 

$20,000 income:  PREMIUM SUBSIDY PLUS COST REDUCTIONS

She gets more help with her premium, and then she gets even more help.  Her deductible, MOOP, and co-pays have been adjusted because of her income.  Even the ER visit co-pay is cut in half. It says a hospital stay has no charge after the deductible??  I need to double check this with the Meritus site because this is really, really good.

Silver with xtra help

 

 

 

 

 

 

 

 

 

If this woman making $20,000 per year chooses a Gold plan, there is no adjustment to the deductible, the MOOP, or the co-pays.  According to reports,  two million people with fairly low income did not know about this extra help when they signed up for health insurance through Obamacare.  Ouch!

 

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