Vermont Health Connect
When the federal healthcare law was passed in 2010, an opportunity existed for a healthcare market, also known as a healthcare exchange. The Exchange in Vermont is called Vermont Health Connect.
The Vermont Health Connect will provide 18 plans, 2 of which are affordable catastrophic plans for people below 30 years old. Any person under 133% of the poverty level or $15,000 in annual wages for one person or $30,000 in annual wages for families of four will qualify for Medicaid. The two main providers that will be available for the Vermont Health Connect will be MVP Health Care and Blue Cross Blue Shield of Vermont.
Different plans are always available and these different plans will all have different insurance levels, as well: the bronze level at 60%, the silver level at 70%, the gold level at 80% and the platinum level at 90%. Naturally, the higher the plan you choose, premiums will also be higher, but out of pocket expenses will be lower as well.
All of these plans will provide the same essential services of that include hospitalization, doctor visits, maternity care, emergency services, substance treatment, mental health issues, rehabilitative services, lab tests, prescription drugs and pediatric services. Vermont Health Connect will also provide standalone dental benefits and incentives for reward wellness, mental healthcare and preventive care.
These plans are now available for purchase, but won’t be effective until early in 2014. The open enrolment period will last until March 2014. By 2015, financial protection will include a maximum out-of-pocket expense of $6,350 for individuals and $12,700 for entire families. This can help individuals to reduce their bankruptcy risk – many people declare bankruptcy due to high medical bills, which they are unable to pay, especially the out of pocket expenses that insurance policies don’t cover.
To make it easier for people to figure out what their extra out-of-pocket expenses will be for each plan, the Silver plan will be used to base tax credits on. In general, the Affordable Care Act was created to make an affordable Silver plan that most people can get regardless of how expensive the rates may seem in their specific State or area of licing. On average, the monthly cost of a Vermont Health Connect silver plan would be $413.
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