Should I continue my employer plan or go to Access Health CT for a discount?

This is a common question these days and I am sharing a short article from WebMD with some things to think about.

The answer to this question may be made based on plan coverage but most likely the deciding factor will be the monthly cost. Why? For many companies in the small group market – up to 50 employees – the Access Health CT plans and those direct to a health insurance company will be the same.

Let’s look at what a Single person might pay through Access Health CT. If the person is Single and earns 30k they will qualify for a discount on their monthly premium and thus will pay $237.50 a month. A Single person who earns 40k will also qualify for help and pay $316.66 each month. Couple points about this new way to obtain health insurance:

● The amounts above are more than the contribution many employees pay each month for Single coverage under a plan from their employer.

● Individuals with these incomes will qualify for an amount of money called an Advance Premium Tax Credit (APTC), which will be sent each month to the health insurance company they selected.
Note: A person's APTC is based only on income. Whether they are 32 or 62 if their income is the same their APTC will be the same.

● These individuals in the above example will get a bill each month from their plan and pay the above share with after tax dollars.

● Individuals enrolled in a group medical benefit plan through their employer normally pay their share of the monthly premium with before tax dollars.

BTW - a Single person with incomes like above who has an Individual medical insurance plan does not have an employer contribution and thus will benefit from the new premium support program.

Question? Call (860) 451-9793 or send a note to JohnParkerAgency@gmail.com