12,000 dollar deductibles?

deductible coverageOver the past couple of days I have heard many people mention 12,000 deductibles for “Bronze” plans through the the Federal Exchange.  I have gone on the site and see nothing that high, although I have seen individual deductibles of $6,000.

Insurance companies selling these $6,000 deductible plans realize that if a person applies for this and has a spouse and multiple children, an insured could incur alot of medical bills if each insured has medical bills.  Typically they will limit the deductible to two times the individual deductible.

In  this example, a family would be capped at $12,000.  Although a family could end up paying $12,000 in deductible expenses, the plan itself is technically is a $6,000 dollar deductible plan.

Please note a $6,000 dollar deductible plan would not meet Minimum Credible Coverage standards in Massachusetts and if you had this plan, you would still be subject to the individual penalty.

 

Affordable Care Act, Massachhusetts Individual penalty, Minimum Credible Coverage

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