The California Health Benefits Exchange allows you to quickly compare plans between insurance providers, learn more about the changes under the Affordable Care Act, and determine how these changes are going to impact your insurance premiums after January 1st, 2014. Further, you are able to use the Exchange, now, to start shopping for insurance coverage, compare your current coverage to the new plans, and see if your employer-sponsored plan meets the new guidelines.
When looking at the differences between plans using the California Health Benefits Exchange, you need to understand a few key points. First, all insurance plans are divided between four different tiers, including Bronze, Silver, Gold and Platinum. It should be noted, all plans provide the same 10 Essential Health Benefits. The difference has to do with the price of premiums, the percentage of covered expenses, and out-of-pocket costs.
You need to consider how often you are going to require doctors’ visits, prescriptions, and other healthcare, to determine which plan would be best. For instance, if you require regular monthly visits to your doctor, take prescriptions on a regular basis, and need lab work completed every few months, you might want to consider a Gold or Platinum plan. Both of these plans reduce your out-of-pocket costs, because they pay a higher percentage of expenses. But, they also have a higher premium amount. It will be necessary to balance your out-of-pocket expenses with your premium to maximize your coverage, while keeping your insurance affordable. Should you have further questions, need help choosing a plan, or want more information, do not hesitate to contact Coverage California.