What will the health insurance exchange in Santa Monica and the rest of California look like?
The principle is based on a Tier program of insurance plans. There will be four tiers of insurance: Platinum, Gold, Silver, and Bronze Plans.
Insurers who offer the Platinum Plan can charge higher premiums but will pay 90 percent of the cost of benefits covered by the plan. The patient will pay 10 percent until he reaches the limit on his out-of pocket maximum . The Gold plan will pay 80 percent of the cost of benefits covered by the plan, with the patient paying 20 percent until one reaches the out-of pocket maximum. Similarily the Silver plan will pay 70 percent, and the Bronze plan will pay 60 percent of the cost of benefit covered by the plan. Patients on the Silver plan will pay 30 percent and Bronze plan holders 40 percent until they reach the out-of pocket maximum. The Silver Tier will serve as the benchmark for tax credits.
Instead of currently approx 15-20 pages of application, you will have to fill out a 2 page application.
On the health insurance exchange you will be able depending on your modified annual gross income level be able to receive federal subsidies to afford your health insurance premium .
Read also the blog about , will I qualify for the federal subsidy for health insurance in Santa Monica and the rest of California.