Share:

With the new regulations of the Affordable Care Act, it can be confusing and intimidating to shop for a health insurance plan. Tammy Ross Insurance, the most experienced and dedicated insurance agency in Monroe, NC, answers some of the most frequently asked questions when it comes to choosing the right health insurance for you and your family. For nearly 20 years, this independent insurance agency has specialized in helping Union County residents find high-quality health insurance, car insurance, and life insurance that meets their needs and fits within their budget.

Health Insurance FAQ

What Plans Are Available Under The Affordable Care Act's Health Insurance Marketplace?

The four main plans are Bronze, Silver, Gold, and Platinum, named so to distinguish how you and your insurer divvy up the costs of your health care. The quality of care does not change under various plans.  

How Does Each Plan Share Costs?

Bronze plans halife-insurance-tammy-rossve the lowest monthly premiums, but have the highest out-of-pocket costs. You pay 40 percent of the total cost of care, while the insurance company pays 60 percent. Silver plan insurance pays 70 percent, Gold plan insurance pays 80 percent, and Platinum plan insurance pays 90 percent, while you pay only 10 percent of the total cost of medical care. However, as you move up in plans, the monthly premium you pay increases.

What Is A Cost Sharing Reduction (CSR)?

Lower-income residents may qualify for a cost-sharing reduction, or a discount that reduces how much you pay for deductibles, copays, and coinsurance. These extra savings only apply if you enroll in a Silver Plan. However, no matter what plan you choose, you can receive some savings based on income.

What Income Levels Receive Savings?

Maximum income levels depend on your state and the number of people in your family. For instance, in North Carolina in 2016, a family of four can qualify for Medicaid if their combined income is less than $24,300 per year. Those with incomes between $24,300 and $60,625 should qualify for lower premiums and reduced deductibles and copays. Those with incomes between $60,626 and $97,000 should qualify for reduced monthly premiums, and those with incomes above $97,000 do not qualify for savings.

Tammy Ross Insurance, the most trusted and experienced insurance agency in Monroe, NC, can help you choose a health insurance, car insurance, or life insurance plan that fits your lifestyle and your finances. Visit them online to learn more, or call (704) 233-4981 to speak to a friendly representative.

tracking