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Follow on Google News | Health Care Reform - How does it affect consumers and business ownersBy: Driven Results and Solutions What is health Marketplace? The Marketplace is a new way to find quality health coverage. It can help if you don’t have coverage now or if you have it but want to look at other options. When comparing Marketplace insurance plans, they're put into 5 categories based on how you and the plan can expect to share the costs of care: Bronze Silver Gold Platinum Catastrophic It is important to know that all Marketplace insurance plan categories offer the same set of essential health benefits. The categories do not reflect the quality or amount of care the plans provide. The category you choose affects how much your premium costs each month and what portion of the bill you pay for things like hospital visits or prescription medications. The maximum out-of-pocket costs for any Marketplace plan for 2014 are $6,350 for an individual plan and $12,700 for a family plan. What’s included in the plan All private health insurance plans offered in the Marketplace will offer the same set of essential services, which are the minimum requirements for quality healthcare. Some plans may offer additional coverage. You will see exactly what each plan offers when you compare them side-by-side in the Marketplace. Most health plans must cover a set of preventive services like shots, screening tests, and other services at no cost to you. The importance of the preventive care is that it is designed prevent health conditions before they occur. A doctor isn’t someone to see only when you’re sick. Doctors also provide services that help keep you healthy. All Marketplace plans and many other plans must cover a list of preventive services without charging you copayment or coinsurance. Balancing monthly premiums with out-of-pocket costs As with all health plans, you'll have to pay a monthly premium, but it's also important to know how much you have to pay out-of-pocket for services when you get care. Premiums are usually higher for plans that pay more of your out-of-pocket medical costs when you get care. For example, if you have a Gold plan, you'll likely pay a higher premium, but may have lower costs when you go to the doctor or use another medical service. With a Bronze plan, you'll likely pay a lower premium, but you'll pay a higher share of costs when you get care. Platinum plans will likely have the highest monthly premiums and lowest out-of-pocket costs. The plan will pay more of the costs if you need a lot of medical care. In general, when choosing your health plan, keep this in mind: the lower the premium, the higher the out-of-pocket costs when you need care; the higher the premium, the lower the out-of-pocket costs when you need care. What to consider when choosing your plan Think about the health care needs of your household when considering which Marketplace insurance plan to buy. Do you expect a lot of doctor visits or need regular prescriptions? If you do, you may want a Gold or Platinum plan. If you don't, you may prefer a Bronze or Silver plan. But keep in mind that if you get in a serious accident or have an unexpected health problem, Bronze and Silver plans will require you to pay more of the costs. Do you qualify to save on health care? The amount you save depends on your family size and how much money your family earns. In general, if your income falls within certain ranges you'll qualify to save money on your premiums in 2014. The lower your income within these ranges, the more you'll save. The charts that display the ranges can be discussed with your advisor or found on the health care website. For more information contact Michael Carroll @ info@drivenresults.net or 321-420-3131 End
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