Bronze, silver, gold or platinum?

Deadline to purchase policy on Health Insurance Marketplace looming

The deadline to purchase insurance coverage through the federal Health Insurance Marketplace is midnight Tuesday, Dec. 15.

And for many mid-michigan residents now is a good time to buy a plan for 2021, according to the Center for Health and Research Transformation at the University of Michigan.

The nonprofit organization annually publishes an analysis of the state’s Marketplace Insurance rates.

This year’s report notes that premiums for Isabella and Clare county residents, for the lowest cost Bronze plans, declined by an average of 3.8 percent, while premiums for the lowest and second lowest cost Silver plans dropped by 10.1 percent and 8.1 percent respectively.

In Gratiot County, premiums for the lowest cost Bronze plan increased by 2.4 percent, however, premiums for the lowest and second lowest cost Silver plans were down 9.9 percent and 4.3 percent respectively.

Bronze plans cover 60 percent of medical costs, while Silver plans cover 70 percent.

According to the report, the average monthly cost of a Bronze plan for those living in Isabella and Clare counties is $331, while Graitiot County residents will pay an average of $270 per month.

More expensive plans - Gold and Platinum - that offer more coverage are also available on the Health Insurance Marketplace.

Gold plans cover 80 percent of medical costs, while Platinum plans cover 90 percent.

However, no matter which plan residents choose they may qualify for significant savings on their monthly premiums.

In 2020, 54,000 Michigan residents were eligible for a federal tax credit that covered the full cost of their monthly Bronze plan premiums, according to the CHRT report.

The Health Insurance Marketplace, which can be accessed at healthcare.gov, will notify residents if they qualify for savings. They can also check themselves before shopping for plans by answering a few questions at healthcare.gov/ lower- costs.

As of this past June, it was estimated that 7.7 million Americans had lost jobs with employer- spon-sored health insurance as a result of the COVID-19 pandemic.

CHRT also estimated that Michigan experienced a 46 percent increase in the number of uninsured adults between February and May alone.

That brought the total number of uninsured in the state to more than 830,000.

According to the CHRT, the same nine insurance companies that offered plans on the Michigan Marketplace last year are doing so again.

Also, residents of all counties in the state have at least two participating insurers, and depending on the county they live in, will have from nine to 85 plans to choose from.

Those who need assistance with enrollment can contact their local Department of Health and Human Services office. In Isabella County, call 989-772-8400; in Clare County, call 989539- 4260; and in Gratiot County, call 989-875-5181.