Health insurance is an important aspect for a well managed life. Medical emergencies can be financially lethal and can create a bankruptcy like situation. Major operations can cost a fortune unless you have insurance cover.
It is essential that you buy a health insurance policy as you don’t know when you might need it. There are many types of insurance policies that can cover a wide range of medical expenses. Buying a health insurance policy has become much easier now that everything has gone online. Knowing about the policies, its benefits, how to buy it and claim is as important as it gets.
This article will provide you guide to buying the perfect health insurance:
- It’s Required By the Law
Yes, you heard it right. Having a health insurance is now mandatory by the Affordable Care Act, 2014. If you fail to get a health care insurance you will need to pay the fine. There are many ways you can get an insurance coverage. There are subsidies for the middle-income families and other affordable options are available as well. Choose the policy that works for you after careful evaluation of all the available options.
- Marketplace Health Insurance Plan
Every state in the USA has a marketplace for health insurance. Some states have their own market place while other states have government run marketplaces. No matter where you buy your health insurance, you will enjoy the same essential health benefits like preventive care, prescriptions, doctor visits, hospitalization, and more. You can choose from various healthcare plans and get the proper insurance coverage for the emergency situations.
- Health Insurance Terms
When you are buying a health insurance, you may come across various terms. For many, these terms can sound very confusing. So, here are some of the few important health insurance terms you should be aware of:
- Premium – It’s the amount that you pay the insurance company to keep the policy alive. Although it is assessed annually, you can choose to pay the premiums monthly, quarterly or biannually.
- Deductible – It’s the fixed amount you will pay before your health insurance plans starts. Your insurance company will not pay for the medical cost unless you pay the fixed amount out-of-pocket each year.
- Out-of-pocket Maximum – It is the maximum amount you need to pay out-of-pocket in a year. One of the key features of this plan is that until the maximum amount is met, the insurance plan and the member share the cost.
Compare the options before buying your health care coverage in the Marketplace.
- You are Eligible for Discounts
For many, getting a health insurance can be an expensive business. But thanks to the flexible schemes, you can actually qualify for some kind of savings. After you fill out the health care Marketplace application, you will find out what kind of savings you are qualified for. You can earn lower costs on your monthly premiums through the plan as well. For the American citizens under the low-income group, disabilities or other situations, they can apply for the Medicaid or the Children’s Health Insurance Program (CHIP). When you apply for these programs through the marketplace, you can get them for free or at lower-cost.
- Get Sure Coverage
One of the benefits of buying health care insurance from the Marketplace is that they cannot deny coverage for various things. For instance, they cannot deny health coverage for pre-existing conditions like cancer or diabetes. Likewise, the premiums paid by me and women are the same. It is essential that you know about the benefits of the health insurance coverage.
- Stay in the Network
To reap the maximum benefits of your health care plan, it is essential to follow certain rules, which includes staying in the same loop. It means that most of the health insurance plans use certain groups of hospitals, doctors and care professionals and provide better benefits if you use the group for your medical care needs. If you aren’t using the service of the said groups you may have to pay more. It is essential that you know the groups that the plan covers, so that you can stay in the network and get the benefit from it.
- Know Your Plan
It is essential that you know what your plans cover. Before you schedule an appointment with your doctor or hospital make sure that your plan is active and will cover the cost. Health insurance plans are of different types and some may require you to get prior authorization from your health insurance plan.
The Bottom-line
It is essential to have a health insurance especially now that it’s mandatory. Knowing important things about the health care plans will help you choose the right plan for your need. Get the best health insurance coverage for your family and stay safe.
