Are you new to the Vermont health system?
If so, Vermont health insurance marketplaces work differently than other states. In addition to federal subsidies, Vermont also provides state subsidies to the most vulnerable people.
People whose household income is less than 300% of the federal poverty level can receive subsidies. Due to the state’s subsidy system, many uninsured people in Vermont can access health plans for $0 a month.
The open enrollment period for 2010 is November 1 to December 15 of 2020.
This article will highlight how insurance marketplaces work in Vermont. Let’s explore.
Vermont’s Healthcare System
Known as Vermont Health Connect (VHC), Vermont residents can shop for plans that fit their needs. The Affordable Care Act gave states the option of creating a state-based health exchange system. On the other hand, the federal government could create a system within the state.
Vermont officials chose to create their system in the form of VHC. Vermont originally intended to create a single-payer system, but officials scrapped the plan.
Shopping for Insurance
Under the VHC, you can compare plans to see which one suits your budget. Within the marketplace, you can see the following:
Moreover, each plan contains a tier system that ranges from bronze to platinum. Platinum plans offer the most benefits.
If you and your family are healthy, you can obtain a policy with a high-deductible and a low premium. Conversely, choose a high-tier plan if you or a family member has a chronic health condition.
- Note: When shopping for a policy, ensure that your health provider is part of the network or that your policy allows for out-of-network benefits (these plans are called PPO insurance policies).
Health Exchange Qualifications
Individuals and families can access Vermont’s insurance marketplace, including businesses. The program is for anyone who doesn’t have health insurance and those who must purchase insurance on their own. Further, it’s for individuals who cannot afford health insurance through their employers.
In 2014, Vermont offered subsidies to residents who buy insurance through VHC. To apply, visit the VHC website. The application process requires the following information:
- Social Security Number
- Employer information
- Income documentation
- Family information
- Residency paperwork
If you qualify, choose your plan from the exchange market as normal. Then, the exchange program will pay a portion of your premium each month.
You’re only responsible for the remaining balance to the insurer. You can also receive subsidies to lower your out-of-pocket costs.
Does the Vermont Health System Work?
The Vermont health system is unique because it offers state subsidies to cover residents. The state will cover monthly premiums and help recipients lower their health expenses. However, most residents have a limited period to enroll in the program.
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