If you are looking for full coverage medical insurance, WNC Health Insurance/ The Asheville Blue Cross and Blue Shield of North Carolina® Store can help you find an Affordable Care Act (ACA) compliant healthcare plan. Federal law now requires that all insurance plans provide coverage for ten minimum essential benefits. Those benefits include:
- Ambulatory Services
- Emergency Room Services
- Hospital Services
- Maternity Services
- Mental Health and Substance Use Disorder Services
- Prescription Drug Services
- Rehabilitative Services and Devices
- Laboratory Services
- Preventive and Wellness Services
- Pediatric Services
In addition to establishing minimum coverage requirements for healthcare plans, the Affordable Care Act has also standardized the organization and grouping of full coverage medical insurance plans. This allows you to compare “apples to apples” as you shop. All healthcare plans must now fit into one of four distinct metallic groupings: bronze, silver, gold or platinum. The bronze and silver plans cover healthcare costs at 60% and 70% respectively, while the more precious metals of gold and platinum cover around 80% and 90% of healthcare costs on average.
In addition to reducing premium costs through advanced premium tax credits, the Affordable Care Act also allows for cost share reductions for certain individuals who earn between 100% and 250% of the federal poverty level. With a cost share reduction, the insurance carrier will actually cover a greater percentage of medical expenses than typically allowed by the plan, making the individual policy holder responsible for lower out of pocket costs. For example, through cost share reductions, a silver plan that normally covers 70% of healthcare expenses may be strengthened to cover as high as 94% of medical expenses. Only those healthcare plans purchased through a state or federal health insurance marketplace established under ACA are eligible for cost share reductions. For many, health insurance plans purchased through a state or federal marketplace may prove to offer the most comprehensive and affordable health insurance coverage.
In order to obtain the most complete full coverage medical insurance possible, take the time to visit WNC Health Insurance / The Asheville Blue Cross and Blue Shield of North Carolina® Store and speak with their qualified and authorized health insurance specialists. Affordable health insurance coverage could be the best investment you’ll ever make!