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Heard about the new rates on health insurance?

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For some rates are going way up again. For others rates are actually going down. It really depends on your income, and what coverage you need really. There are winners and losers with the new health care law, and this enrollment period you really need to know your options.

 

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If you make over $40k per year you may want to look at a non-ACA compliant plan. This is a plan that doesn’t meet some of the minimum essential benefits required by law. Some would ask, why would you want to have a non-compliant plan? Simple, they’re cheaper, and in some cases offer more coverage. How? Look at this example

45 YO male non-tobaco

ACA Bronze Plan

$5000 deductible

80/20

Premium: $389

Non-Compliant Plan

$1000 deductible

80/20

Premium: $229

So what’s the deal? Both plans are major medical plans, both have no limitations on their coverage, so why is one so much cheaper and cover more? The non-compliant plan doesn’t offer maternity, nor mental health. The ACA plan may come to our 45 Year Old male if his income is under $40k, and he will pay a penalty for taking the non-compliant plan. So what should he do? To me it comes down to need of coverage, and which offers the least out of pocket. If he can save $1800 per year in premiums, and $4000 a year in deductible, then paying that $95-$250 penalty seems to be doable trade off.

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If you’d like to get and instant quote on what a plan will cost you both compliant and non-compliant get a quote instantly for free here.

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