The North Carolina insurance regulators approves 55 health insurance plans to be offered in the NC health insurance exchange at the end of July. Specifics on the plans and premiums are not expected to be released until open enrollment begins on October 1st. While we won’t know details on each plan until later this year, health insurance options offered will fall into one of five coverage levels.
Health Insurance Exchange Coverage Levels
Catastrophic Coverage
The first level of coverage is catastrophic coverage. These plans are designed for low income North Carolinians under the age of 30. The catastrophic coverage plans will have large deductibles and cover three primary care visits per year.
Bronze
The Bronze level coverage plans will cover 60% of health care expenses on average. The Bronze plan will have a higher deductible and copayments, but a lower monthly premium. The bronze and silver plans will operate much like the high-deductible health plans that are currently offered.
Silver
The next level of coverage is the Silver level which will cover 70% of health care expenses on average. When calculating subsidies, the health insurance subsidies will be based on the premium for the second lowest-cost silver plan available. If you are eligible for health insurance subsidies in North Carolina and decided to purchase a higher level plan, you will pay the difference between the credit amount and the more expensive plan.
Gold
The Gold level health insurance plans will cover 80% of health insurance expenses. The gold level plans will have a lower deductible and lower copayments than the silver and bronze level plans.
Platinum
The Platinum level plans offer the highest level of coverage and will cover 90% of medical expenses on average.
In general, the gold and platinum levels will have lower copayments and deductibles, but have a higher monthly premium. For the gold and platinum coverage levels, individuals are expected to have lower out-of pocket costs for health care services.
North Carolina Exchange Insurance Providers
As of now, there are two North Carolina insurance providers that will be offering health insurance plans through the exchange: Blue Cross Blue Shield and Coventry Health Care of the Carolinas. Blue Cross Blue Shield will be offering 26 plans and is the only provider that will offer coverage in all North Carolina’s 100 counties. Coventry Health Care of the Carolinas will offer 25 health insurance plans in NC’s major metro areas.
For more information on the North Carolina health insurance exchange, give us a call. We can help you choose a North Carolina health insurance plan through the exchange when open enrollment starts on October 1st. We can also help you determine if you qualify for a subsidy and help apply and receive you subsidy from the Federal Government.