Buying health insurance in 2019 is optional, which means you can't be fined for not having health insurance this year. While this fact may alleviate some stress, we do not recommend that you forgo health insurance to save a few dollars. Doing so is often myopic and more expensive in the long run, especially if you are visiting the hospital. You may be looking for health insurance because you got a new job that does not offer health insurance. Some people even prefer to have a health plan separate from their work. It is generally a more expensive option to buy an individual health insurance policy when the employer offers to pay a portion of your premiums each month. However, some people prefer to choose their insurance company and the plan that suits their needs and works with their preferred doctors and hospitals. It is also a good idea to have a health care plan that will not change if you decide to change jobs again. Some people also qualify for the state benefit, which reduces their health insurance costs even more than the employer contribution.
There are some terms and concepts that you will want to avoid before making any decisions. If you are buying your insurance through the marketplace in your state without the help of an agent, you will need to increase the following costs to better see the differences in each plan. Try to make your decision based on how often you think you will see the doctor and how much medicine you will need each month. These numbers will help you determine which details of the plan will be most profitable for you.
Health insurance costs
- Premium: This is the monthly payment that your insurance company will incur to keep your plan active. Whether or not you use your health insurance, you must pay this monthly bill throughout the year to cover it in an emergency. Range of monthly payments, depending on many factors.
- Deductible: If you have a health fund or group health plan, it is not discounted. However, if you have a PPO, you will have to pay your medical bills out of pocket until you spend the full amount of your deduction. Each subsequent doctor or hospital bill is covered by your health insurance company. Please note that medication costs are not discounted.
- Currency Insurance - This is the part of the medical bill that you and your insurance company must pay after paying the deductible. Some plans have this with a liability rating (for example, 80/20 means your insurance company pays 80% and you pay 20%).
- Copayment: People sometimes confuse copayment with copayment. This is the flat rate you pay when you see a doctor (for example, $ 20, $ 25, or $ 30 per visit) while your insurance company pays the bill. Medications generally come with a small copayment (say $ 2, $ 3, $ 5).
5 ways to find cheap health insurance:
Use a price comparison site
Shopping and comparing rates is always your best option for finding low-cost health insurance. You can do this by calling and providing your information over and over again. Or you can call a company, SmartFinancial, to fill out a form and receive multiple quotes simultaneously. This is the most efficient way to buy health insurance online. Also, unless you fill out the forms elsewhere, you won't be contacted by a million insurance companies at the same time, just an agent with rates from multiple health insurance companies based on your profile.
Ask your parents
The cheapest way to get health insurance is to ditch your parent's health insurance plan. You can do this until you are 26 years old. But if you are 25 or younger, there is no way to beat these rates.
Choose the Bronze Plan
Health plans come in four tiers: Bronze, Silver, Gold, and Platinum. If you are in good health and don't usually need a doctor, the lower tier options make more sense than the Platinum plan, for example, which is probably comprehensive but very expensive compared to the lower tier option, you may have to pay More out of pocket when you see the doctor, and this might not be the best plan for you if you do, but choosing a bronze plan from all of your options will lower your monthly payments. However, it will make doctor visits more expensive and you may have to pay for more drugs.
Get help
You may be eligible for a federally subsidized health plan through Medicare, Medicaid, or CHIP (Children's Health Insurance Program). Medicare is for people 65 and older and some people with disabilities, Medicaid is for low-income people, and CHIP is for children who do not qualify for Medicaid but cannot afford private health insurance.
Find a trusted dealer
If you find a trustworthy and trustworthy agent, all you need to do is let that person know how often you need a doctor, how many medications you regularly take, and if you have any preferences for hospitals or clinics in your area. Based on your personal information, the agent should be able to provide you with a few options for different health plans.
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