Providence, RI – HealthSource RI, Rhode Island's health benefits exchange, today announced the final approval of plans and rates that will be offered through the exchange when open enrollment begins for individuals and small businesses on October 1, 2013.
HealthSource RI has signed agreements with three insurance carriers – Blue Cross & Blue Shield of Rhode Island, United HealthCare, and Neighborhood Health Plan of Rhode Island – to offer 28 plans through the exchange; 12 on the individual market and 16 through the Small Business Health Insurance Options Program (SHOP). Blue Cross and Neighborhood Health Plan will offer plans on the individual market, and all three carriers will offer plans through SHOP.
These plans are the result of HealthSource RI's extensive negotiations with the carriers, and include a "full employee choice" model through SHOP. All plans offered through HealthSource RI include coverage for doctor visits, prescription medications, hospital stays, preventative screenings, and additional essential health benefits. All plans also feature maximum out-of-pocket limits for major medical expenses.
Beginning October 1, Rhode Island consumers and small businesses will use HeatlhSource RI to compare and choose among approved plans and rates in four metal tiers (bronze, silver, gold and platinum). Plans within each tier offer standardized benefits and terms to enable apples-to-apples comparison shopping and to foster price competition among insurers.
When comparing plan options, consumers and small businesses should consider these five important components:
1. What is the monthly plan premium? 2. What type of network is offered? (HMO, PPO, Tiered, etc.) 3. What is the plan's deductible? 4. What will you pay each time you interact with the health care system? (Co-pays or co-insurance for primary care visits, specialist visits, emergency room care, inpatient hospital care, prescriptions, etc.) 5. What is the plan's annual out-of-pocket cost maximum? (The total amount of out-of-pocket costs — not including the premium — cannot exceed this amount. Once it is reached, you are protected from any additional costs.)
"With final approval of plans and rates, HealthSource RI will be ready on October 1 to offer Rhode Islanders the truly powerful ability to comparison shop for quality affordable health insurance," said Christine Ferguson, director of HealthSource RI. "When making these important choices about health care coverage, consumers and small businesses should carefully weigh monthly premiums, the type of network that each plan is offering, deductibles, out-of-pocket expenses, and out-of-pocket cost maximums. We understand that these are often complicated choices that are unique for each consumer, and that's why HealthSource RI is ready to assist Rhode Islanders online, by phone or in-person, to help them choose the plan that best fits their needs."
Rate & Benefit Charts
For a listing of approved individual plan rates by age and tier, please visit: https://www.dropbox.com/s/0epha2v5f1otyka/IndivAgeRates_FINAL.pdf
Note: Approved individual plan rates do not factor in additional tax credits for which many Rhode Islanders may qualify. Individuals with incomes below 400 percent of the federal poverty level ($45,960 for individuals and $94,200 for a family of four) may qualify for tax credits to make their monthly insurance premiums more affordable. Tax credit calculators are available on HealthSourceRI.com to help individuals, families and small businesses understand what credits they may be eligible to receive.
For a listing, by tier, of individual plan details, including network type, deductibles and out-of-pocket expenses, please visit: https://www.dropbox.com/s/bov18b4ixwau29v/IndivPlan_FINAL.pdf
For a listing of approved SHOP plan rates by age and tier, please visit: https://www.dropbox.com/s/jl4y1lt7ybrcacj/SmEmpl_AgeRates_FINAL.pdf
For a listing, by tier, of SHOP plan details, including network type, deductibles and out-of-pocket expenses, please visit: https://www.dropbox.com/s/oe7qnrcamyh3lxu/SmEmp_FINAL.pdf ###
About HealthSource RI: HealthSource RI, Rhode Island's health benefits exchange, is a new one-stop marketplace where Rhode Islanders and Rhode Island small employers can find and compare health insurance plans, and purchase the coverage that best fits their needs. HealthSource RI will enable qualifying individuals and families to receive tax credits to help pay for insurance, and will connect Rhode Islanders who qualify to low-cost or no-cost insurance options. To learn more, visit www.healthsourceri.com, or call (401) 222-5192.