Health Insurance Project

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Davenport University *

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Health Science

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Dec 6, 2023

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docx

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Running head: HEALTH INSURANCE PROJECT 1 Health Insurance Project Eligibility for A Premium Subsidy Dzung Nguyen Grand Rapids Community College

HEALTH INSURANCE PROJECT 2 Health Insurance Project Healthcare costs for the past few years have increased exponentially leaving many Americans unable to pay for the healthcare insurance or even apply for one in that matter. It is not until the Affordable Care Act or Obamacare changes that problem providing health insurance to American with health problems such as cancer without the fear of being denied coverage. With that said though there are still many Americans without any health insurance and finding the health insurance plan that would suit one needs is increasingly difficult with the rising prices even with Obamacare. As a nineteen-year-old teen living in Michigan with a mindset of making an income of at least $21,000, my research will span through what it is like as an individual searching for a health insurance plan that fit two scenarios: First, being healthy and undertaking non-threating activities; Second, having Type I diabetes and also not engaging in non-threating activities. These two assumptions will be the focus of choosing a health insurance plan that is both low on cost and high on benefits for that individual, which in this case would be myself. Making at least $21,000 at the age of 19 paying for health insurance premium without aid can be taxing to an individual. Part of the reason why Obamacare was passed was to make health insurance more affordable to Americans. One of the ways to make health insurance affordable was to offer tax credit or subsidies on premiums that Americans have to pay each month. My age and income, as of today, qualifies for a $18 per month subsidy. This means the $18 per month will help pay for the monthly premium amount that I have to pay. Upon finding the following plans tailored to the health condition present there were 58 specific health insurance plans that are available to me by both the assumption of being healthy and having Type

HEALTH INSURANCE PROJECT 3 I. All 58 plans were narrowed down to 12 with each having different plans chosen based on the two assumptions. Healthy Plan Being as it may a healthy individual plan can vary upon specific needs which are different from person to person. In my case I don’t require frequent visits to hospitals unless I’m put into a dire situation such as being in an accident. I do go to great lengths to take advantage of my health insurance, meaning I use the annual checkups and flu shots to prevent me from getting sick. These mindsets of mine ultimately affect my choices of choosing the perfect health insurance that is most beneficial to me. Of course, there are many health insurances that are available to me. With that said, I based my choices on my general good health and also my concern for cost. The list I complied are 12 plans that are narrowed down from the 58 assortment of health insurance plans tailored to the assumptions of being healthy. Each ranges from different tiers from bronze to platinum which is the highest tier available in health insurance. This list excludes the catastrophic insurance plan because the plan may sound good in the short run due to the plan charging lower premium than other plans. Having a low premium in the long run the high deductible or the amount I have to pay out of pocket before the insurance will cover my expenses will be a huge financial burden if I were to say get hit by a truck and need medical attention. Each of the 12 plans chosen are based upon several key things including premium, deductible, out of pocket maximum, coinsurance, and copay. My premium for each of the 12 plans is reduced by the $18 per month subsidy (tax credit). For example, in the plan Blue Cross® Partnered Silver provided by Blue Care Network of Michigan the premium before the subsidy

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