This year the number one concern people have with health insurance is keeping premiums down. Empower Brokerage hears the same question asked repeatedly, “How do I find a plan that’s actually affordable?” We recommend consumers purchase the cheapest available Affordable Care Act plan. Then, they can package the cheaper plan with a gap plan or other supplemental products.
Qualified Health Plans
Most carriers that provide qualified health plans typically offer varying levels of coverage. To indicate the cost and how much coverage is offered, each level is labeled with a different precious metal. From the cheapest to the most expensive, the metal plans are bronze, silver, gold, platinum. There’s also a catastrophic plan option.
Typically, the silver plan is the best available plan, especially if consumers qualify for a subsidy. However, if you don’t qualify for a subsidy, then Empower suggests you purchase a bronze plan instead of a silver. With a cheaper bronze plan, you can add some additional benefits to cover the gap in coverage. This approach helps combat the high premiums while also offering great coverage.
Package Gap Plans with a Qualified Bronze Plan
Instead of opting for the expensive plans to get coverage, consumers should consider gap plans for many reasons. To start, gap plans offer accidental benefits. In other words, if a person is in an accident, the supplement picks up part of the cost of the accident. Additionally, it may offer benefits like hospitalization co-pays so if you go into the hospital it will pay a percentage of the cost per day. Several gap plans also offer benefits, such as critical illness coverage that lessens the financial blow of cancer, heart attack, stroke, etc. If you’re diagnosed with a severe health condition, you have a buffer to help cover the cost of the deductible and the co-pay or co-insurance that you have to pay. Lastly, dental coverage is another supplemental product to consider while shopping for insurance.
Supplementing an Obamacare plan is something Empower is helping clients do. We want to find the best way to package their coverage so that they make the most out of the money they spend on their health insurance.