Understanding Your 2020 OptimaFit® Individual & Family Health Plan Options
Individual health plans offer a variety of price options and are categorized by metallic tiers: Gold, Silver, and Bronze.
Categorizing plans by metallic tier makes it easier for you to compare plans based on their cost and coverage options. If you do not qualify for a subsidy, you may want to consider plans not offered on HealthCare.gov, also known as "Off-Exchange" plans.
This chart provides an overview of health plan tiers to help you determine which metallic plan would be best for you.
|Percent of Healthcare Cost Covered||80%||70%||60%|
|Good If...||You want to save on premium costs, while still reducing your out-of-pocket costs.||You need to balance monthly premium costs with out-of-pocket costs.*||You don't plan to use a lot of healthcare services.|
Could You Qualify for a Premium Tax Credit in 2020?
If your income is between 139% and 400% of the Federal Poverty Level, you may get tax credits, also known as subsidies, to help pay for health insurance coverage.
Savings Depends on Income and Household Size
|1||$17,361 - $49,960|
|2||$23,504 - $67,640|
|3||$29,648 - $85,320|
|4||$37,792 - $103,000|
|5||$41,936 - $120,680|
|6||$48,080 - $138,360|
|7||$52,903 - $138,360|
|8||$60,367 - $173,720|
Things to Consider
If you don't anticipate you will need a lot of healthcare services, you may want to consider a bronze or silver plan for a lower monthly premium.
However, if you or a family member have a serious injury or illness, a bronze or silver plan will require higher out–of–pocket costs for treatment. With a silver or bronze plan, you pay less on a monthly basis but may pay more for treatment. With a gold plan, you pay more on a monthly basis but much less for treatment.
1Department of Health and Human Services (HHS) Poverty Guidelines for 2019, www.aspe.hhs.gov/poverty-guidelines