Health Insurance Plans for 2020 – Compare and Learn about new law changes

hi everyone this video will cover health plans available for a year 2020 with a side-by-side comparison of various health plans if you're shopping for medical insurance for year 2020 this presentation will possibly help you decide what plan would work best for you.

And your family now I want to be clear from the start that this is an educational presentation and not a sponsored video in other words no one paid me to create it and I'm not going to market or sell any particular plans here that being said I will highly appreciate if you like and share this video and subscribe to this channel.

Comments are also always welcome now the information presented here applies for health plans available in California for both private and exchange plans make sure to watch this video until the end as I will provide important information regarding the changes that will happen in California now remember if you are getting your health insurance through.

Covered California you can get additional tax credit credits or subsidies as well as enhanced plans for the year 2020 by the way if you are confused about the Affordable Care Act law changes or have no idea what your options are feel free to reach out to me directly or comment under this video if this is a genuine question I'm a.

Licensed insurance agent in California and have contracts with all major carriers in the state so I have access to the information rates and so on and we'll be glad to help so let's get started now in terms of the plan designs not much has changed for this year we still have four main categories of health insurance plans bronze silver.

Gold and platinum this categories show how you and your plan share costs when categories have nothing to do with quality of care the results are catastrophic planned for those that qualify and usually is for those who are under the age of 30 each level pays a different portion of your healthcare bills grouping plans this way makes it.

Easier to shop for insurance for example the top-of-the-line plan is platinum it pays the highest portion of your healthcare bills it is also the most expensive one the basic plan is bronze it pays on average 60 percent of your healthcare bills and costs the least you can check out on my website is side by side table with all this plans so as I.

Mentioned before there is a catastrophic plan or a minimum coverage plan for those who are under the age of 30 quite frankly this plan is a bit tricky so if you are considering it I highly advise that you study the benefits carefully before applying for this one again this is an option only for those under the age of 30 now there is one very.

Important thing that many consumers do not know and end up overpaying for their health insurance those who have minimum coverage plans do not qualify to receive premium assistance also known as advanced premium tax credits minimum coverage plans usually cover three doctor visits or urgent care visits with no out-of-pocket costs and free.

Preventive benefits all the other services will be fully priced but ever negotiated in network presidentially reach the out-of-pocket maximum now let's talk about the bronze plans these are usually the high deductible plans on average your health plan pays 60% of your medical expenses and you pay 40% I will go over the details for this plan.

Shortly silver plans are a good alternative for those that can't tolerate a high deductible plan yet don't want to overpay for a higher level of coverage as I mentioned in the beginning of this presentation in some cases individuals may qualify for an enhanced silver plan through covered California this means.

That when they choose a silver plan they have based on their income enhanced out-of-pocket savings through lower co-pays coinsurance and deductibles individuals in this savings categories get the benefits of a gold or even a platinum plan for the price of a silver plan this plans are only available on the exchanges and feel free to reach me.

And I'll help you understand if you qualify for enhanced silver plans or not old plans do not have deductible and the premium is a bit higher on average your health plan pays 80 percent of your medical expenses and you pay 20 percent platinum plans this is the highest level of coverage available it pays on average 90% of the medical expenses and does not.

Have a deductible and now let's take a look at a comparison of plans for year 2020 as I said this is a general plan design so no matter what health plan you select Blue Shield Kaiser Oscar Valley health plan Health Net Anthem Blue Cross Sattar health and so on you will be looking at the same plan structure if you are comparing apples to apples so.

Here are the metal categories and coverage for year 2020 before I go into the plan details I wanted to mention that in case any of the terminology is unclear please feel free to watch my videos where I explain what is a deductible what is a copay what is the coinsurance and so on this will help you navigate the benefits structure of the.

Plans and get an idea of how this plans work so let's take a closer look at this plans so for bronze plants you don't pay the deductible for the first three visits per year which includes a combination of primary care specialists and urgent care the lab is $40 and is not subject to deductible the annual wellness exam who.

Are preventive is included at no extra cost the copay for the primary care visit and Urgent Care is $65 and the specialist visit copay is $95 this might be a good plan for those that are healthy and rarely go to the doctor obviously if you need more care you will have to pay more out-of-pocket with this plan again in the description of this.

Video I will have a link to a side-by-side comparison of this plan so feel free to check it out now let's look at the silver plans the silver plan has a lower deductible there are no restrictions on how many times you can visit the doctor per year you will paint a duck table mostly when you are hospitalized and here are the co-pays.

For this plan so the primary care visit and urgent care visit and lab is a $40 copay and I mentioned deductible for this plan is $4,000 a year the gold plan has no deductible the co-pays and coinsurance are lower than those for the silver plan this plan costs more each month but the insurance based on average 80% of your medical cost and you pay the.

Rest again the deductible is zero the primary care visit and Urgent Care is $30 copay and the lab tests are $40 copay the platinum plan has no deductible the co-pays and coinsurance are lower than those for the gold plan this plan costs more each month but the insurance pays on average 90% of your medical cost and you pay the rest.

Obviously the platinum plan has the highest premium each month if you are healthy and rarely go to the doctor it might not be a good idea to buy the most expensive plan on the market right so deductible is zero for this the primary care visit urgent care and lab tests are $15 each now you can take a look at a more detailed comparison on.

My website I can also provide a comparison of rates and plans for your specific situation so for example compare you can we can compare Blue Shield with Kaiser Oscar health nets at health anthem BlueCross vhp plans and so on there are no extra fees for my services so feel free to take advantage of professional help and advice now I.

Want to mention that dental coverage is not included in the medical plan so if you need dental insurance that is separate the same applies for vision only pediatric dental and vision is included in the medical plans at no extra cost since dental plans could be a bit tricky learn your options before buying it.

You might also benefit from the negotiated rates for dental and vision plans available through covered California again I can help with that as well now as I mentioned in the beginning of this video here's the important information for California specifically that relates to the penalty as you know.

The penalty was repealed in year 2019 but other provisions of the Affordable Care Act are still in force some states including California enacted legislation to rein reduce the penalty starting with the year 2020 the legislation was approved and on January 1st 2020 a new rule requires Californians to have qualifying health insurance coverage.

Through the year the penalty will be applied by the California Franchise Tax Board when you file your state tax return the penalty for not having insurance in California will mirror the one that used to be under the Affordable Care Act which was six hundred and ninety five dollars per adult and three hundred and forty seven dollars and.

Fifty cents per child under the age of eighteen or 2.5 percent of annual household income whichever is greater the open enrollment requirement is still enforced so in California you can buy health insurance starting from October 15 2019 through January 15 2020 unless there will be an extension once the open enrollment closes you no longer can.

Apply for health insurance unless you have a qualifying life event you can check out our video about the specifics of the qualifying life events so that's all for now if you have questions feel free to address it in the comments below or reach out directly to us we love helping people and of course if you found this information useful please.

Share it and like it we will certainly appreciate it thank you

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