President of Texas State Financial and Health Justin Holland was contacted by Peggy O’Hare which is the health care reporter at the business desk of the San Antonio Express news. Justin is a member of the San Antonio Association of Health Underwriters which has been a sound and solid resource for many leading agents and brokerages in the South Texas area with staying connected to the constant changes the industry encounters. Our brokerage is based out of San Antonio, Texas but protects individuals, families, and businesses all over the state.
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SAN ANTONIO EXPRESS NEWS:
Report:Pricier health plans more popular off ACA exchanges
For consumers who use their health insurance frequently, the more expensive gold and platinum plans can offer a better value.
“If a client is ill or they’ve got a family member who has a prolonged illness or has some medical problems, that’s where we really dig in and put a pencil to the gold and platinum plans that are available,” said independent insurance agent Justin Holland, founder and owner of Texas State Financial & Health, a San Antonio firm. “They know that they’ll meet their out-of-pocket maximum very quickly.”
Both Camp and Holland are members of the San Antonio Association of Health Underwriters, a group of licensed independent health insurance agents, brokers and benefits consultants.
Platinum plans — which provide the greatest protection available to consumers, but cost more to purchase — generally cover 90 percent of the average person’s medical costs. Gold plans cover around 80 percent of those costs on average.
Silver plans cover around 70 percent of the average person’s medical costs. Bronze plans — the least expensive tier of health insurance — cover 60 percent.
Insurers anticipated mid-priced silver plans would prove most popular both on and off the government exchanges. But they predicted only 37 percent of consumers buying health insurance outside of those exchanges would select silver plans, compared to 58 percent of customers shopping in government-run markets.
Holland said the reason for silver plans’ popularity on the exchanges is simple. Lower-income consumers who also qualify for the cost-sharing reduction benefit — which limits how much they pay out of pocket for deductibles, copays and other expenses — are required to select silver plans to receive that discount.