It’s no secret that CareSource Marketplace Plans are for the people out there who need health insurance the most. The biggest factor in achieving this is being affordable for everyone, particularly those who may have lost their coverage due to a COVID-19 job loss. What does this really mean, though? What makes these plans so affordable?
It comes down to two things: tailored plans and government-funded subsidies.
Affordable Plans
CareSource is dedicated to helping people experiencing hardships get the healthcare coverage they need. They partner with healthcare providers to help their members find insurance options tailored to their budget. These plans are simple and affordable with low co-pays, no limits on pre-existing conditions, and no coverage caps for essential benefits.
CareSource Marketplace can also be broken down into three plan types: Bronze, Silver, and Gold. People qualify for these plans based on income and benefit needs.
Bronze plans offer the most affordable premiums. These plans are good for people who don’t expect to have many doctor appointments or need many prescription drugs. While these plans offer the lowest premiums, that also means they have the highest deductibles and other out-of-pocket costs. This plan, however, is compatible with a tax-deductible Health Savings Account.
Silver plans are the most popular plans. These plans offer the highest value for those eligible for financial assistance. Silver plans come in three different packages: Low Premium, Standard, or Low Deductible. These plans are also CSR-eligible. Cost-Sharing Reductions (CSR) help people save money on insurance by lowering the amount paid for deductibles, copayments, and coinsurance.
Gold plans offer the lowest out-of-pocket expenses. These plans work well for people who expect to have a lot of doctor appointments, need many prescription medicines, or need other health services. While Gold plans have lower out-of-pocket costs, this means that they have higher premiums than the other levels.
Government Subsidies
Members have another way to save money, through government-funded subsidies. Over 70% of people who enroll in a CareSource Health Insurance Marketplace plan also qualify for a subsidy that substantially lowers the overall cost of the plan.
Marketplace plans are the only plans that qualify for government-sponsored funds. Advanced premium tax credits and cost-sharing reductions are calculated by the Health Insurance Marketplace during the shopping and enrollment process. If qualified, members can save on monthly premiums and medical services.
Based on income and household, members can qualify for:
Advance Premium Tax Credit (APTC): Tax credit taken in advance, in whole or in part, to lower monthly premium payments. This can be used no matter what plan you enroll in.
Cost-Sharing Reductions (CSR): CSRs lower the amount you have to pay for deductibles, copayments and coinsurance. CSRs, as we mentioned previously, only apply to Silver plans.
CareSource offers plenty of benefits to its members at an affordable cost, and AgentLink can help you navigate CareSource Marketplace plans to help those who need it most. If you have questions about CareSource Marketplace plans, reach out to Matt at matt@agent-link.net.
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