What You Must Know To Pick The Right Qualified Health Plan For Your Needs

Under the Affordable Care Act 2014 or Obamacare as it is often referred to, a Qualified Health Plan (QHP) is a health plan certified by the Health Insurance Marketplace to meet the new benefit and cost sharing standards. Those cost-sharing standards could include deductibles and copayments, among others.

What are the different types of Qualified Health Plans?

There are different levels of Qualified Health Plans, the difference being the percentage of the costs the plan covers. Put very simply, the 4 standard coverage levels are as follows:

• Bronze: the plan must cover 60% of the expected costs of the average individual
• Silver: the plan must cover 70% of the expected costs of the average individual
• Gold: the plan must cover 80% of the expected costs of the average individual
• Platinum: the plan must cover 90% of the expected costs of the average individual

How can I buy a Qualified Health Plan?

Talk to your health insurance agent or broker, they will be able to advise on what the best policy is to suit your needs. You can also research options available to you by visiting your state’s Health Insurance Marketplace.

Who is eligible?

With the implementation of the Affordable Care Act 2014, everyone is required by law to have some form of healthcare coverage, or pay a fee. Anyone can buy a qualified health plan as long as they are legally present in the country and intend to stay for the duration of the plan year.