2015 Update: South Carolina Platinum Plan
10/03/2015 – We can now confirm that there will be at least one South Carolina Platinum plan offered in EVERY South Carolina county for 2015 on the Health Insurance Marketplace. According to our sources, this will be a PPO based product offered by Assurant. This means that SC residents will now be able to use tax credits to purchase a Platinum level plan
through the health insurance marketplce. Our private exchange, which opens on November 15, 2014, will allow customers to apply for tax credits, compare prices and plans, and enroll (in a Platinum plan, if you wish!) in less than 15 minutes!
Stay tuned for more updates. In the meantime, you can find more information about South Carolina Platinum plans in our original article below:
Have you seen the new 2015 South Carolina Platinum Plans? I have heard repeated numerous times in the news and in print, that “Insurance companies are not offering any Platinum plans in South Carolina.”I would like to take a moment to say that THERE ARE, IN FACT SOUTH CAROLINA PLATINUM PLANS OFFERED IN 2014!
Of course, there is a catch – these South Carolina Platinum plans are only offered off of the exchange/marketplace.
What does “off marketplace” mean? Keep reading to find out!
What is a South Carolina Platinum Plan?
Platinum plans, as defined by the Affordable Care Act (ACA, or as some say, “Obamacare”) are health insurance plans that have an actuarial value of 90%. In general, Platinum plans have higher monthly premiums, but lower out of pocket costs. For this reason, South Carolina Platinum plans are more suited to people who expect to go to the doctor often, have regular monthly prescriptions, or expect to have other substantial medical expenditures throughout the year.
Off-Exchange/Marketplace Health Plans
Off exchange plans are plans that are offered outside of the Federal Health Insurance Marketplace. These plans, starting January 1, 2014, must comply with all of the laws that apply to health plans offered on the Federal Exchange/Marketplace at www.healthcare.gov. Just like plans on the marketplace, qualified health plans purchased outside of the federal marketplace must still cover the 10 essential health benefits as defined by the healthcare reform law. The biggest difference to YOU, the consumer? Anyone who purchases an off-exchange plan cannot qualify for Federal subsidies to offset health insurance premiums. Generally, most South Carolina individuals and families making between 100% and 400% of the Federal Poverty level may be eligible for premium assistance through the Federal Exchange. I personally believe, that in certain situations, many South Carolina residents who are eligible for a subsidy, may be better off forgoing the subsidy and buying an off exchange policy. In addition, many off-marketplace plans use more robust provider networks than those found in marketplace plans. Recently, local South Carolina Newspapers such as the Post & Courier and The State Newspaper published articles about the limited networks for many health plans available on the Federal Marketplace. This is why we recommend working with a South Carolina Obamacare agent to be sure that you choose the plan that best suits YOUR unique needs.
Who offers South Carolina Platinum Plans?
Of course, as a full service Health Insurance Agency we offer South Carolina Platinum plans through through Assurant Health. Assurant Health offers 2 South Carolina Platinum Plans: CoreMed Platinum 1 and CoreMed Platinum 2. Each of these plans allows the enrollee to select either the CIGNA PPO Network or the Aetna Signature Administrators Network. For benefit summaries for each of the two South Carolina Platinum Plans, click the links below:
Assurant Platinum 1 Assurant Platinum 2
Who is Assurant? Great question. Assurant traces its roots to the founding of the LaCrosse Mutual Aid Association established in LaCrosse, Wisconsin in 1892, formed to provide consumers with disability insurance. Assurant Health now provides quality health care insurance products to customers with an emphasis on individuals who need coverage but are not part of a larger group plan. With a 120-year legacy, the business offers affordable health care products including major medical, supplemental and fixed-benefit plans for individuals, families and small employers. Financial ratings information for Assurant’s various companies can be viewed HERE.
Who should consider a South Carolina Platinum Plan?
Anyone who visits the doctor often, takes many prescriptions, or otherwise has high anticipated medical costs. Our analysis indicates that South Carolina residents under the age of 50 may see the most value in a South Carolina Platinum plan in 2014. In our analysis, many residents with high medical costs were better off paying higher Platinum plan premiums in exchange for much lower out of pocket costs. Please contact us today to help determine if you may be a good candidate for a South Carolina Platinum plan. We can HELP!
Update – 10/28/2013
We really enjoyed this article from the New York Times, especially as it relates to South Carolina Platinum plans :
WITH so much attention being paid to the troubled debut of the Obama administration’s health insurance exchanges, another alternative has largely gone unnoticed: unless you live in Washington, D.C., or Vermont, you can also buy insurance outside the exchanges — by going directly to insurance brokers, agents or company Web sites. Read More Here
Update – 11/12/2013
Platinum plans are 2nd most popular plans on the Kentucky Health Insurance Marketplace!
Young female with pricey tastes: Kentucky Obamacare numbers
If Obamacare data were a horse race, Kentucky would be leading the pack.
Kentucky has released in-depth, demographically detailed information about enrollments in its state-run Obamacare marketplace, setting a high bar for federal authorities to beat when they finally release their own enrollment data from HealthCare.gov later this week for the first time. Read More…