That people have to buy the most suitable health insurance plan that can fulfill their needs perfectly is a fact that cannot be debated. This dictum applies to those who live in the state of North Carolina, USA, as well. Apart from choosing the plan that suits their requirements, these people should choose a plan that comes at affordable costs also. Experts advise that people and their domestic partners should look into the quotes separately as well as together so they can choose the plan they can afford. At the same time, consumers should not forget the fact that health insurance rates depend on the age of the youngest member of the family.
How to find the most appropriate health insurance coverage in the state?
Consumers should take into account their income level and also their expected expenses while trying to choose the best health insurance plan. North Carolina is a state that has not expanded the Medicaid system of health insurance under the Affordable Care Act. This means that Medicaid will be available only to those who earn incomes less than the Federal Poverty Level. If their income is above this level, they should look in the North Carolina marketplace for choosing the plan that is suitable for them.
North Carolina Health Insurance Exchange
In the North Carolina Health Insurance Exchange, plans have been categorized as metal tiers based on various levels of premiums as well as out-of-pocket expenses. Precisely put, for plans that belong to the higher metal tiers, premiums will be typically high, but deductibles, coinsurance, and copays of these plans will be low. These plans are more particularly suitable for those who may have higher needs for medical care. Those who want cheap health rates should go for lower-tier plans. Bronze and Catastrophic plans belong to the category of lower-tier plans.
For those who have high needs for medical care, gold plans are ideal. The premiums of these plans are high, but the out-of-pocket expenses of these policies are low. While choosing a gold plan, consumers should ensure to take into account the out-of-pocket expenses about prescriptions because they may routinely and frequently use prescriptions due to their high needs of medical care.
These plans are suitable for those who are ready to incur only average medical expenses or those who earn a low income. These plans have eligibility for additional CSR subsidies or cost-sharing-reduction subsidies. These plans are ideally suitable for those who may not be able to incur high expenses as in gold plans. But at the same time, it should not be construed that the benefits of these plans are not good. The out-of-pocket expenses of these policies are lower than those of Bronze and Catastrophic plans.
Bronze and Catastrophic Plans
These plans are best suited for healthy and young people whose medical expenses are expected to be low. These plans are the cheapest options, but if these consumers incur medical expenses, they may have to bear higher out-of-pocket costs. Catastrophic plans can be opted for only by those who are below 30 years of age. They have to fulfill certain exemptions as well. Those who want to choose these plans should be careful because if there is an emergency medical expense, they have to bear a higher deductible. Only then, the benefits of the policy will start kicking in.
Health insurance companies are operating in the state of North Carolina
Only two companies are operating in the health insurance market of the state of North Carolina. They are Blue Cross and Blue Shield of NC and Cigna HealthCare of North Carolina, Inc. Though some plans are being offered by both the companies, consumers will be able to make their choice only based on factors such as where they live and the rates they can afford. While Cigna is offering their plans in counties such as Chatham, Nash, Johnston, Wake, and Orange, Blue Cross Blue Shield offers its plans in most counties of the state.