A few weeks ago I broke down the best health insurance plans you can buy from Ohio's new marketplace. This time we are going to take a look at the best plans you can buy outside of the marketplace.
If you are getting a tax credit or subsidy to help pay for a portion of your health insurance premium then you are buying a "marketplace" plan.
If you are not eligible for a subsidy, then you will be buying a "non-marketplace" plan.
Basically, insurance companies are holding back a few goodies for those who aren't going to be allowed to get in on the "Affordable" Care Act fun, which is a good thing since you need some kind of good news after all this.
While our best of marketplace list had ONLY three plans from ONE company (Medical Mutual), this list is more of the same. It only features TWO plans from Medical Mutual and they are the only two "non-marketplace" plans they are offering.
The List
Classic 500 Platinum - (Note: This Plan Is No Longer Available)
Here's the details.
$500/$1,000 Deductible
$1750/$3500 out-of-pocket maximum.
$20 primary care doctor office visit copay
$40 specialist and urgent care copay
Prescription Copay (Retail)
$10/$20/$40
Prescription Copay (Mail order)
$30/$60/$120
$200 Emergency room copay
That's picture perfect example of a Cadillac health insurance plan. They don't come much "better" then that. The only problem here, it will be very expensive so you are going to want to make sure you've done your homework and truly NEED this extra cover.
If not, you are tossing a lot of extra money away each month for something you're not using.
If the math works and this plan is worth the money, then there's little else to consider. You've reached the top.
HSA 3000 - Silver
We saved the best for last.
This is hands down, without a question my favorite plan, period.
This was one of the most popular plans/deductible options I have ever sold. A $3,000/$,6000 deductible HSA is really the sweet spot of insurance plans if you ask me.
They were flying off the shelf several years ago, before companies like Medical Mutual and Anthem stopped offering them.
After you hit your deductible the plan pays for all covered, in-network medical services at 100 percent. To put it another way, free for the rest of the year.
You won't find any copays or coinsurance here. Just easy, straight-forward health insurance that makes sense than you might be willing to admit.
The worst part about these new plans is that HSA's aren't nearly as affordable as they once were. Regardless, they still, almost always, offer you the best bank for your buck.
What About Other Insurance Companies?
Like we talked about last time, companies like Anthem, Summacare and even United Health One have made major changes to the way their plans work that greatly reduce your freedom and flexibility.
With Medical Mutual offering, essentially the same type of broad coverage with an extensive network of doctors and hospitals they did pre Obamacare, it's really tough to beat.
Other newcomers like Molina and Caresource are expanding from being strictly Medicaid providers and will only be offering coverage to those inside the marketplace. This will also mark the first time they have offered their coverage directly to people that is wasn't assigned to them by the state government.
The Bottom Line
This whole inside or out of the marketplace thing can be a little overwhelming or on exchange or off exchange at we say in the business. (Insurance companies are terrible at naming, labeling and using up-to-date lingo)
If you are financially successful you will have a few more health insurance options available to choose from for 2014. It's also nice those options happen to be some of the best available.
After you get done with a moderate to extensive cursing sessions over the likely higher prices, you can take comfort in knowing your financial freedom has brought you access to some of the better health insurance plans you buy for 2014.
