Balancing monthly premiums with out-of-pocket costs
As with all Utah health plans, you’ll have to pay a monthly premium each month. But it’s also important to know how much you have to pay out-of-pocket for services when you get care.
Plans in the health care marketplace are separated into 4 different categories: Bronze, Silver, Gold, and Platinum
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 80%, you’ll likely pay a much higher premium, but may have lower costs when you go to the doctor or use another medical service. So ask yourself how much you go to the doctor, will you need future surgery. Do you have on going health issues?
With the Bronze plan 60%, you’ll likely pay a much lower premium, but you’ll pay a higher share of costs when you get care.
Platinum plans 90% 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. These plans will most likely only be offered off the exchange meaning most companies will not be offering these plans on the marketplace.
Remember the lower the premium, the higher the out-of-pocket costs when you need care; the higher the premium cost, the lower the out-of-pocket costs when you need care
- If you happen to qualify for out-of-pocket savings, you must choose the Silver plan to get the savings. If you qualify for these savings, you’ll get the out-of-pocket savings benefits of a either the Gold or Platinum plan for the Silver plans price. It is quite amazing the plan you can get for the price if you qualify for the silver plans out of pocket savings. But remember, you can choose any category of plan, but you’ll get the out-of-pocket savings only if you enroll in a Silver plan.
Overall just think about the health care needs of your household when considering which Marketplace insurance plan to buy in Utah. Also you will want to think about which company and what doctors are on that list. Certain companies on the exchange will only cover a certain area. And with most of them they will all be HMO Plans. Call our office at 801-900-5636 or see our free informational site at Utahhealth.com to find out which plans and doctors are covered on the exchange and off the exchange. Get started now and review over 150 health plans in Utah.