What is the Best Obamacare Plan?
What is the best Obamacare plan? To start with, the answer for this question depends on a number of factors. The Affordable Care, popularly referred to as the Obamacare, has numerous health insurance plans for different standards of care namely the Platinum plan, Gold plan, Silver plan and the Bronze Plan.
All the four plans provide ten essential services but the individual providers and states may differ in the additional benefits that they provide for their members. This article compares the four plans to help you make an informed decision.
The bronze plan offers 60% approximate coverage. This has the lowest premium but with high deductible with no cost-sharing subsidies. The Silver plan has the second lowest premium with an approximate coverage of 70% of the medical costs. The Silver plan also as separate medical and Rx deductibles with cost-sharing subsidies. Third in that rising order is the Gold plan that provides coverage for 80% of the medical expenses with no deductible and no cost-sharing subsidies. However, the monthly premium is relatively higher as compared to the first two plans. The Platinum plan is the fourth plan that caters for 90% of the expenses with no deductibles and no cost-sharing subsidies.
Still wondering what is the best Obamacare plan?
Besides the above facts, there are also other important considerations when selecting an ideal plan. They are as follows:
Whether or not you qualification for the federal premium subsidies or the federal cost-sharing subsidies;
The calculation of your actual monthly premium costs that you are to remit on the designated dates or before to avoid penalty;
The finalized details for each of the plans, including the specific minimum requires and how they work.
The line or network of doctors for each of the plans including their locations and the procedural steps to get enrolled’.
The coverage that you take is also dependent o on your lifestyle as well as your medical and how this has influenced your present health.
To give their members maximum benefits, there are states that have undertaken to standardize the health plans. However, the standardization criteria will differ depending on the provisions of that state and the needs of the community at hand.
All the plans provide coverage you as an individual and household. The Obamacare also has a provision for small and medium-sized businesses which are required to provide health care for their employees.
To find out what is the best Obamacare plan for you, you would first need to determine whether or not you qualify for the cost-sharing subsidy. Afterwards, while taking above facts into consideration, you can then go ahead to select the plan that will work for you best.
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