Individual and
Family Health
Insurance Plans
If one of the people at SIBG showed up to your job site, office, maybe your house for a cooking class or to play your favorite sport chances are we wouldn’t understand half the acronyms or words and phrases you use.
So, when you hear………..
HMO, PPO, EPO, Open Enrollment Period, Special Enrollment period, Metal Category, Co-Insurance we get it! It can be confusing, but since it’s what we do everyday we can break it down in simple terms.
What you need to know is we work with every major insurance carrier and the Maryland Health Connection so we can find the right plan for you or your family.
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Some basics: The higher the monthly premium, the lower the Out-of-Pocket expenses and the lower the monthly premium the higher the Out-of-Pocket expenses.
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Same is true for Deductibles, you buy a plan with a low Deductible, the higher the monthly premium and vice versa.
Individual and Family Health Insurance Plans
First one positive change that came from the Affordable Care Act or Obama Care was the development of Metal Levels. Bronze, Silver, Gold and Platinum. And as the names suggest, the Bronze plan is not as robust as a Platinum plan.
BRONZE
Covers about 60% of your cost, the monthly premiums are lower but deductibles and out-of-pocket maximums are higher. Chances are these plans are an HMO and a Bronze plan is a better fit for someone without a medical condition, someone that will not expect to need costly medical services.
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Which another thing to keep in mind you pay for freedom. So, an HMO that requires you to see your primary care doctor before you see a Specialist, or limits you to In-Network care only, most likely has a lower monthly premium. A PPO with more freedom, no referrals cost more.
SILVER
Covers approximately 70% of your health insurance cost, monthly premiums a little higher than Bronze, deductible a little lower.
SILVER
Covers approximately 80% and you’re probably seeing a pattern now, a higher premium and lower deductible. Better suited to an induvial with larger health care needs or an active family with kids that play sports.
PLATINUM
Covers approximately 80% and you’re probably seeing a pattern now, a higher premium and lower deductible. Better suited to an induvial with larger health care needs or an active family with kids that play sports.
Maryland Health Connection
The Maryland Health Connection has many great plans that span the Metal Category offerings, Bronze, Silver, Gold and Platinum.
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SIBG is a certified broker and helps clients daily on the plan options and enrollment.
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One great option offered by the Health Connection is Financial Assistance. We can help you determine if you might qualify for assistance or Medicaid and what documents you would need to present for consideration.