How to Choose the Best Health Insurance for You and Your Family
To some, health insurance may seem like a financial burden. When you are self-employed, under-employed, or young and healthy, you might think that passing on health insurance could save you money. However, this is almost always not the case. Out-of-pocket costs for even the most basic medical needs like medication and doctor visits can end up costing you thousands, when simply having a basic insurance plan could prevent these expenses.
Finding the best health insurance can be extremely confusing because of all the options available. And with the Affordable Care Act, chances are your health care options have changed in some way, and you may be able to get coverage that is cheaper than you think. The best way to find out about the most affordable options for you is to contact an insurance agency like All Kinds of Insurance. Here are some things you should take into consideration about the right health insurance plan for you and your family.
Important health insurance considerations
Before thinking about the different types of health plans to choose from, you need to understand important factors that will affect your plan’s cost and coverage. The Affordable Care Act requires insurance providers to give you insurance regardless of preexisting conditions, so luckily none of these questions will preclude you from insurance. Nevertheless, being aware of these facts will make it easier for you to know what to look for when searching for health insurance.
- What is your age? If you have a partner and/or children, how old are they?
- What is your annual income?
- What is your current employment status?
- Where do you live? Surprisingly, your location can have a big effect on your premium.
- Do you have any bad health habits? The main one is smoking, which can seriously raise your insurance premium due to the negative health effects.
- Do you, your partner, or any children have chronic or preexisting conditions? Do you have to go to the doctor often, or anticipate needing to go to the doctor often?
Choosing a health insurance plan
The three main types of plans that you can purchase are HMOs (health maintenance organization), PPOs (preferred provider organization), POSs (point of service). Each type has unique characteristics that you can use to best mold to your needs. The official website for the ACA can give you official information about how the health insurance plans have been affected by the new laws. Below are some general points so you will be better informed as to which plan is best for you.
With an HMO, you are restricted to receiving care from professionals within a network. The benefit is that these resources often come with a low co-pay as they are completely controlled by the network. You will also have a primary care provider who will give you referrals when you need to go to a specialist or get specials tests.
If you get a PPO plan, then you will be able to receive care from both in-network and outside-of-network physicians and don’t need to see a primary care physician. But the costs can often be more expensive overall. Finally, the POS plans feature similarities to the other two. You don’t need a referral to see a specialist but you also can not go out of network for care.
Medicaid, a service for individuals and families with low income, was expanded with the Affordable Care Act. Medicaid covers many services for free or a low cost for those who qualify.
Now that you know the different types of plans and what type of information can affect your coverage, you’re ready to select a health insurance plan. However, this is certainly not a choice you need to make on your own. All Kinds of Insurance can help you better understand your options and find the best coverage for you and your family. Call us today at 702-534-4697.