In this time of uncertainty, many people understand that having health insurance is more essential than it has ever been. If you’re trying to pick out health insurance, though, you might be finding the process overwhelming. There are different ways that you can approach this choice, but it’s helpful to break it down to a few very simple factors.
The conventional thinking is that high-deductible plans are a good fit for healthy individuals who rarely visit the doctor. Your deductible is what you pay out-of-pocket before the insurance company kicks in. Premiums for high-deductible plans are lower. The premium is what you pay each month.
If you know that you don’t have any preexisting or underlying conditions that impact your daily life, then you’ll want to look into a plan with a higher deductible. You’ll have to pay more out-of-pocket when you visit the doctor, but you won’t be paying as regularly as someone who must see their primary caregiver every month or even every week. You can save some significant money on those monthly premiums that way.
Next, you should speak to your primary caregiver and any other specialists who you see regularly. Are they in the network that you’re planning on joining? If they aren’t, then you should probably look into other options. If the doctors or specialists that you visit often aren’t in your network, then the cost of seeing them is quickly going to become prohibitive. You might have to pay a little bit more for a different insurance option, but if your usual doctor is now in-network, the cost will probably balance out.
Finally, you should look into how much money you make every year, and whether any state subsidies can help you out as you’re looking at the various plans and companies that are available. Many states can help you financially if you’re trying to buy health insurance through the marketplace rather than through your employer.
Depending on how much money you make per year, you might be able to get partially-subsidized healthcare that’s going to be better than what you can afford on your own. In some situations, what you can find in the marketplace might be a better policy than what your employer is offering. You can also look into supplemental insurance. Sometimes having multiple policies in place will be to your benefit.
If any of this is confusing to you, you can go on the healthcare.gov website and arrange for an appointment to speak to an expert about these matters. Navigating the often-murky waters of privatized healthcare can be challenging, so make sure that you’re well informed before you commit to any one plan or company. You don’t want to choose the wrong one since healthcare can quickly become so expensive if you or a loved one gets sick or injured.