ACA Marketplace deductibles vary by state and can have a substantial impact on an individual’s out-of-pocket health care costs
BEDFORD PARK, Ill. (PRWEB) April 16, 2021
A health insurance policy’s deductible can have a big impact on the total annual health care spending. Consumers need to remember, all 2021 Affordable Care Act (ACA) Marketplace plans end on 12/31/21. For any plan purchased now, the consumer has a shorter time span to satisfy their calendar year deductible.
“ACA Marketplace deductibles vary by state and can have a substantial impact on an individual’s out-of-pocket health care costs,” began Bob Dial, vice president, Preferred Health Insurance Solutions, formally known as ACA Marketplace Enrollment Solutions (ACAEnroll.com)
“Consumers can consider adding a Supplemental (ancillary) Health Insurance plan. Many, Supplemental Health Insurance plans are guaranteed issue, have low deductibles and provide a variety of coverage options. A licensed insurance agent will be able address all of the advantages of adding a Supplemental Health Insurance plan,” Dial added.
Dial provides the following tips when considering a Supplemental Health Insurance plan:
Tip 1: Understanding the value of a Supplemental Health insurance plan
Examples of Supplemental Health Insurance plans include, Critical Illness Insurance, Hospital Indemnity Insurance, Dental/Vision Insurance, Long-Term Care Insurance, and Disability Income Insurance.
“Having a Supplemental Health Insurance plan, like a Critical Illness plan, could help cover a person’s out-of-pocket costs when having an unexpected major medical event like a stroke, heart attack, kidney failure, cancer, or organ transplant.” remarked Dial.
Tip 2: Many Supplemental Health insurance plans include a lump-sum cash benefit.
Many Supplemental Health Insurance plans pay a lump-sum cash benefit, which can go directly to the individual. The insured can use the money any way they like – for deductibles or coinsurance, second opinions, preferred providers, or even household bills.
“For example, many Personal Accident Medical Insurance plans offer an annual maximum benefit up to $10,000 for a covered accident. If the injury was the result of an accident, the Personal Accident Medical Insurance benefit can help cover the out-of-pocket costs. The cash benefits from a Personal Accident Medical Insurance plan can also be used for both emergency and future medical costs if not covered under another medical plan, and for home care, childcare, transportation, or anything else that may be needed during the recovery period. This would be a great option for a family to consider.”
Tip 3: To help lower costs even further, take advantage of the American Rescue Plan Act (ARPA)
Dial explained, “The goal of the new ARPA is to improve access and affordability of health coverage through the ACA Marketplace by increasing eligibility for financial assistance to help pay for ACA Marketplace coverage. In order to access the full benefits of the ARPA this year, it is important for consumers to act before the SEP ends on Aug 15, 2021.”
Even those already enrolled through HealthCare.gov will need to reapply to determine if they are eligible for a larger subsidy. When consumers enroll in the ARPA, they can choose a plan that is the same, costs more or costs less than the benchmark plan. The 8.5% cap is used to calculate this increase in premium tax credit amounts, but the cost of the plan a consumer chooses to enroll in may be higher or lower than the benchmark plan.
Dial remarked, “A Preferred Health Insurance Solutions agent can help an individual calculate the new tax credit and help compare plans. This will ensure an individual’s health plan truly fits their individual or family’s healthcare needs. It is vital that all Americans act before the SEP ends on Aug. 15th deadline. If they do not act now, they will miss the opportunity to take advantage of the ARPA and possibly lower their ACA Marketplace plan 2021 health care premium.”
Tip 4: Consider adding a Telemedicine product
Telemedicine provides an individual unlimited access to U.S. based physicians 24/7/365. A physician can provide a diagnosis conveniently over the phone or video chat for common illnesses such as a sore throat, the cold or flu, muscle or joint pain and more.
Telemedicine can save time and money in physician visits, copays and out-of-pocket costs. When appropriate, telemedicine physicians can provide short-term medication and other prescriptions. Outside of the enrollment cost, there usually are no additional fees or out-of-pocket costs. It is important to go over all of the details with a licensed insurance agent. “Telemedicine is an ideal product for a family” remarked Dial. “Telemedicine can help an individual avoid germ-filled waiting rooms, which may reduce the risk of getting a new illness.”
Preferred Health Insurance Solutions has established a Call Center of multilingual, licensed health insurance agents who have been trained to walk a client through the entire process of selecting a healthcare plan and enrolling them for their coverage, as well as responding to any questions they may have regarding their new health insurance policy. Because of their extensive marketplace experience, Preferred Health Insurance Solutions agents can help the determine if the individual qualifies for financial assistance to help pay for their health insurance, as well as go over with them deductibles and other out-of-pocket costs. Consumers can call the Preferred Health Insurance Solutions’ Call Center at 800-342-0631 or access the company’s website at https://www.PHISonline.com.
About Preferred Health Insurance Solutions
Headquartered in Bedford Park, Illinois, Preferred Health Insurance Solutions (PHIS) is a national enrollment firm specializing in the Health Insurance Marketplace as well as a variety of other health insurance products including: Dental, Critical Illness; Short Term Major Medical; and others. Preferred Health Insurance Solutions, formerly known as ACA Marketplace Enrollment Solutions (ACAEnroll.com) provides enrollment services throughout the country, through national and regional insurance carriers. Consumers can call the PHIS Call Center at 800-342-0631 or access the company’s website at https://www.PHISonline.com.