Trying to decide how much health insurance you need? Click here to learn how you can pick the right type of health insurance plan for your needs.
Currently, there are 44 million uninsured Americans and 38 million who are underinsured or have inadequate health coverage. With the price of medical procedures costing hundreds or thousands of dollars this lack of insurance is a recipe for disaster.
But one major problem is that health insurance can seem extremely complex with plans and prices that are difficult to understand. Many Americans don’t even fully understand what type of health insurance plan they have or what their insurance covers.
This lead to our current crisis where medical bills are responsible for 60% of bankruptcies in the United States. And of these bankruptcies 75% of these people have insurance.
If you want to avoid this fate than read on. We have a list of tips to help you pick the right health insurance plan for you and your family.
If you are new to the concept of insurance you may be asking yourself what is health insurance? And why do I need it?
Health insurance is a type of insurance that covers medical injury and illness. Coverage can range be broad plans covering everything from eye care and dental care to mental health care.
Plans are broken down into deductibles, premiums, and copays. Each of these elements determines how much you’ll pay for health coverage overall.
Deductibles represent the amount that the policyholder will pay out of pocket before the insurance company will pay any expenses. The premium is the amount that you pay usually every month. And copays are the amount that you pay for services or treatments usually this is lee than you’d pay without insurance.
As a general rule if your plan has a higher deductible you’ll have a lower monthly premium and vice versa.
The Affordable Care Act (ACA) allows people to shop for healthcare on the open market and receive tax credits to reduce the monthly cost. You can look up health insurance information and find out which plan is best for you.
Many plans include affordable prescription and generic drugs and low-cost doctors visits.
Though the decision was at the time controversial for many it has vastly reduced the price of their health insurance.
To buy health insurance on the market you have to create an account on Healthcare.gov and enter relevant information about your income and age to determine how much you’ll pay.
Medicare and Medicaid are both single payer medical national health insurance program.
Medicaid is based on income and family size. It offers coverage in all 50 states for people who are poor, pregnant woman and those with disabilities. The program is funded on both the federal and state level.
If you’re over 65 years old you automatically are entitled to Medicare benefits. This covers the vast majority of elder care needed but some things aren’t covered like personal home care assistance and nursing homes. Luckily Medicaid covers these things.
Though the ACA has banned denying coverage for preexisting conditions your overall health and how often you plan to see a doctor will impact how much you pay and what kind of plan you should choose.
Many insurance plans also offer incentives to get and stay healthy. Like deductions for quitting smoking and low-cost gym membership.
No matter how old you are health insurance is essential for survival in the United States. But your age will dictate what kind of plan your eligible for and how much you need to pay for insurance.
If you’re older you should be sure that your plan has options for long-term elderly care.
Most people get insurance through their employer. This means that for many the kind of job you have will determine how much pay for insurance.
As stated earlier if you make too little money you can apply for government assistance.
Health insurances usually offer limited low-cost plans that provide insurance coverage to people who don’t qualify for Medicaid or Medicare. You can even visit most insurer’s websites to get a quote to see if a plan is right for you.
Networks are often considered the most frustrating part of health insurance. For most people, the hospitals and doctors you have access to will come down to who what type of health insurance plan you have.
When it comes to health insurance your network represents the healthcare providers, physicians, and hospitals that will work with your insurance company to provide low-cost care. If the place is not in your network the fees may be more expensive and at times unaffordable.
The easiest way to see who’s in your network is to check your insurer’s website or call the provider to see if they take your insurance.
If you want to avoid large fees make sure you know which doctors are available. Also, choose a healthcare insurance provider with a large network that includes local hospitals.
What does your healthcare plan cover?
Does your plan include dental does dental cover mundane things like yearly cleanings? Or more serious procedures like dental implants?
Knowing the answer to this question can save you thousands of dollars per year in doctors bills.
When you’re picking your insurance plan keep in mind things like vision and dental as well as mental health and specialist cost.
The type of health insurance plan you have can impact how healthy you’ll be in the future. But there’s more to health than just having the right insurance.
If you want tips and tricks about how to live a better life contact us today!