GOLD, SILVER or BRONZE?
Which Affordable Care Act plan is best for you?
It has been a month since Open Enrollment for the Affordable Care Act 2014 plans kicked off. I have dug through ALL the companies and ALL the plans in Washington State. There are several policies that tend to have better options…and surprisingly cheaper at the same time. Yes you heard that correctly!
NOTE: There are exceptions to every rule on my recommendations listed below. These are only my opinions of plans (although the factual Pricing and Coverage details are pretty convincing). Also there are no PLATINUM Plans (90%/10%) offered by any insurance companies in Washington State, maybe next year.
Check out my blog post about the EXCHANGES to determine if they are a better option for you. Some of these plans are available on Exchanges and some are not…
How to decide if a GOLD, SILVER, or BRONZE plan is best for you? My favorite saying is “If you tell me how much you’re going to spend on medical expenses in 2014 I will tell you exactly which plan to get”…yes, hindsight is 20/20.
GOLD (80%/20%): Best for someone planning to spend a LOT of money on medical expenses. You pay a higher premium, yet it will provide the best coverage!
Assurant Health Has the BEST Gold plan on the market with a $2,000 Maximum out of pocket expense for you in 2014. The kicker is that the price is lower than the MODA Health GOLD plan that has a $4,000 Maximum out of pocket. So let me get this right, it’s a better plan and lower monthly premium? Yes my friend that is correct!
LifeWise has a good GOLD Plan. Regence and Group Health Cooperative don’t seem to be as competitive for GOLD plans this year.
SILVER (70%/30%): Decent coverage and a lower deductible. Not very popular, as I typically sell a GOLD or BRONZE plan.
Moda Health has the BEST Silver Plan on the market. It has a $1,250 Deductible and a $6,350 Maximum out of pocket. Assurant Health has a good $3,500 Plan for the price that’s HSA eligible.
BRONZE (60%/40%): This is the most Catastrophic plan you can get. Best for those that want the cheapest plan or don’t need as comprehensive coverage, this plan is for you!
LifeWise/Premera has the best BRONZE Plan on the market. If you are looking for the lowest cost plan this is generally the place to go.
HEALTH SAVINGS ACCOUNT (HSA): In the long run it’s the best deal. Get pre-tax deductions for medical spending. Call 425-802-2783 if you have questions.
LifeWise has the BEST Health Savings Accounts (HSA) on the market. If you are looking for additional tax deductions and the best price for the coverage I strongly recommend an HSA.
Gary Franke, MBA
Independent Broker
Achieve Alpha Insurance, LLC
12507 Bel-Red Rd, Ste 103
Bellevue, WA 98005
(425) 802-2783
gary@achieve-alpha.com
www.achieve-alpha.com