While many Americans who enrolled in healthcare under the exchange will not see increases in premiums, there will be increases in deductibles. A deductible is a specified amount you have to spend to receive full healthcare benefits. Many Americans spend hundreds of dollars a month on healthcare premiums and then have to pay the full price for medical visits until they reach their deductible when the benefits actually kick in.
Why is this an issue?
The problem is that the majority of plans sold on the exchange are Bronze and Silver plans (plans with higher deductibles and lower monthly premiums). Bronze plans are the cheapest medical benefits options and cover nearly 60% of the medical costs. Silver plans cover about 70% of the healthcare benefits and the most popular form of coverage on the exchange for individuals and families.
What’s the average cost of a deductible?
According to a recent report released by HealthPocket, the average deductible for an individual on Bronze plan is nearly $5,181 and $10,545 for families. The IRS states that the definition of a high deductible plan is $1300 for individuals and $2600 for families. The deductible cost for Obamacare plans is obviously much higher.
What should I look for in a health plan to avoid unexpected costs?
When choosing a health plan, make sure that you understand the benefits including the co-pays, deductibles, specialty visits, etc. That way you won’t be subject to pay more than you expected. For more information on healthcare premiums on and off the exchange, please feel free to give us a call.