Health Insurance Plans – If your current health insurance plan isn’t providing you with the services you need at a cost you can afford, it may be time to explore other options. The key is to do enough research so that you know what you’re buying and what a policy covers. Unless you’re changing health insurance plans due to a qualifying life event, you must make changes during a plan’s open enrollment season.
Health plans vary in cost and the coverage they offer; therefore, it can benefit you to shop insurers. Keep in mind that buying the cheapest plan might not save you money. Besides getting less coverage, you could end up paying more out of pocket in deductibles and co-pays. Although you may be looking for lower premiums, choose a plan that will give you adequate coverage. It helps to ask plenty of questions and read the fine print on a policy before changing to another plan.
Choosing a Different Medicare Plan
If you are age 65 or older, you can make changes to the type of coverage you select during Medicare open enrollment period each year. If you want to change from traditional Medicare to a Medicare private plan, it’s important to compare costs, coverage and provider networks. Insurance agents can give you information to help you decide which plan is best for you. Consider a plan’s out-of-pocket maximum so you know what a plan will cost you should you need comprehensive health services in the future. Also, joining a Medicare Advantage plan could mean paying for medical expenses on your own if you receive care from a doctor or hospital out of network.
If you don’t have health insurance coverage through an employerand aren’t eligible for a government-funded health plan, such as Medicaid, you can buy a private insurance plan on the Health Insurance Marketplace. The Affordable Care Act, commonly referred to as Obamacare, mandates that most people obtain private health insurance. Many low- and middle-income Americans qualify for subsidies, and for those who do, health insurance likely will cost between 3 and 9.5 percent of their income. Under Obamacare, a health insurer will base your premium on your family size, where you live, your age and whether you smoke, and not on your gender or a pre-existing medical condition.