What is Affordable Health Insurance in Nashville, TN?

Jenifer Dorsey
April 2nd, 2020 November 15th, 2017 |
Read time: 9 minutes

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A closer look at 2018 premium rates and subsidies

When it comes to affordability, health insurance in Tennessee may be more cost-friendly than you may think. On one hand, rates for the most popular individual health plans increased an average of 58 percent in this state—compared with 34 percent nationwide.[1] On the other hand, a side effect of these rate hikes, is that some Tennessee residents may have access to no-cost bronze plans—that’s right, essentially “free” health insurance.[2]

Could you qualify for free health insurance?

Is this possible, and is it too good to be true? Yes, and no.

Let’s start with a quick refresher: Premium tax credits are available to individuals and families who purchase ACA plans through a state-based or federally facilitated exchange and have a household income of between 100 and 400 percent the federal poverty level (FPL).[3]

As a result of this year’s disproportionate increases between bronze and silver plan premiums, subsidies may go further for some consumers. In fact, many could pay little or nothing for a bronze plan.[4]

The tables below show premiums by income and age bracket for the lowest-cost bronze plans available in Davidson County and indicate how subsidies may lower them.

Lowest-Cost Bronze Plan in ZIP Code 37201

Monthly Premiums, Advanced Premium Tax Credits (APTC), and Affordability Thresholds

Income[5] Estimated APTC[6] Lowest Bronze Premium after APTC[7] Plan Deductible (Single)
100% FPL $12,060 $526.27 $0 $125
200% FPL $24,120 $380.49 $0 $7,000
300% FPL $36,180 $269 $66.88 $7,350
400% FPL $48,240 $173 $162.88 $7,350
Above 400% FPL $48,241 $0 $335.88 $7,350
Income Tax Credit Premium Plan Deductible (Single)
100% FPL $12,060 $621.88 $0 $125
200% FPL $24,120 $449.62 $0 $7,000
300% FPL $36,180 $370 $26.90 $7,350
400% FPL $48,240 $274 $122.90 $7,350
Above 400% FPL $48,241 $0 $396.90 $7,350
Income Tax Credit Premium Plan Deductible (Single)
100% FPL $12,060 $960.39 $0 $125
200% FPL $24,120 $694.35 $0 $7,000
300% FPL $36,180 $694.35 $0 $7,000
400% FPL $48,240 $609.88 $3.06 $7,350
Above 400% FPL $48,241 $0 $612.94 $7,350

Free health insurance? What’s the catch?

As you may notice while shopping around, the rule of thumb tends to be a lower monthly premium translates into a higher plan deductible.

For the lowest-cost bronze plan mentioned above, the annual deductible for a single individual ranges from $125 to $7,350, depending on income.[8] That is the amount you would pay out of pocket before your benefits fully take effect. So, while your monthly premium may seem relatively affordable—especially if it is free—you may have concerns about paying for healthcare should you actually need to use your plan.

That’s where additional health benefits come in. You may want to apply the money you save in monthly premium toward additional, low-cost health plans that can help with unexpected medical expenses. Three products you may want to consider as you make decisions about your family’s 2018 benefits include:

Medical Gap InsuranceFixed cash benefits for covered accidents and illnesses; use them to pay your deductible, household expenses and more.

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TelemedicineLow-cost telehealth consultations 24 hours a day, 365 days a year, wherever you’re connected.

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Hospital plansHospital, surgical and critical illness benefits that provide fixed-dollar reimbursement for covered medical expenses at specific durations.

Get a Hospital Insurance Quote

Find your best benefits blend! A licensed producer can assist you in finding the right ACA plan as well as other affordable options.

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Originally Published On November 15th, 2017
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