If you choose a healthcare plan on the Marketplace, you are assured that it will cover 10 essential healthcare benefits. While premiums may be lower for short-term coverage plans (where they are allowed), Federal regulations allow short-term plans to create their own coverage plans without any mandates. Many essential benefits may not be covered and out-of-pocket costs can be high. While premiums for the Intel Retiree Medical Plan (IRMP) are generally higher than marketplace plans, coverage is often more extensive with lower out-of-pocket costs.
Sources to secure a health care plan if you are under age 65, include:
Marketplace Plans (from healthcare.gov):
All plans offered in the Marketplace cover THESE BENEFITS.
Short Term Plans (from insure.com):
These are not available in all states and some states may have restricted access. Most Americans can sign up for low-cost, short-term health plans. Don’t confuse them with standard health insurance plans. Short-term health plans provide coverage, but they fall well short of what’s considered health insurance under the Affordable Care Act (ACA). Find what short-term plans cover, what they cost, and shopping tips here. Check SERMA reimbursement guidelines for applicability. Not all short-term plan premiums are reimbursed.
Intel Retiree Medical Plan (IRMP) under 65:
Intel provides a Summary Plan Description that contains all of the benefits covered by the IRMP, deductibles, and max out-of-pocket costs. The IRMP generally has a richer service and benefits package relative to marketplace options.
In Summary:
When deciding where to look to purchase health insurance, it is important to look not only at premiums, but also at benefits offered, max out-of-pocket costs, and your own projected personal healthcare needs.