How to Obtain Health Insurance

It is crucial to understand that having health care coverage is necessary at any age. Health coverage helps pay for preventative care and helps cover any unanticipated medical bills. Health insurance can allow beneficiaries to expand their access to health care. This may be necessary to maintain their health, to prevent sickness and detecting illnesses when they are at a more treatable stage.

In order to get inexpensive health coverage, it is good to understand the common terms used surrounding health insurance. Some examples of common terms are premiums and co-insurance. Learning about comparing health coverage quotes and if you are eligible for low-income programs is also important.

To obtain health coverage, considering dental insurance can beneficial for you and your family. There are other types of health care coverage that you may want to think about like health coverage for when you travel and short-term insurance.

The Importance of Health Coverage

To begin, health insurance is important to your total health and wellbeing. If you are uninsured, it can take longer to receive the medical attention you need and you may not even receive the medical treatments needed because of the lack of coverage.

The advantages of having health coverage are much more than health-related. This is especially true when you are in an unexpected medical emergency or unexpected issues arise. Without health insurance coverage, you will not only be putting your health at risk but also your finances. You may accumulate debt because of unexpected medical bills.  

Typical Health Insurance Terms

When you are browsing through your health coverage options, it is good to know the typical health insurance terms. This can help you become more familiar with the expenses you are expected to pay for. You can become more familiar with the type of medical services that your policy will cover.

Premiums

Premiums are what beneficiaries pay on a monthly or quarterly basis to maintain the health insurance coverage. When you are browsing and comparing your options, this is typically the first cost that you will encounter. Premiums are important to think about, but there are other fees that you must pay associated with health coverage.

Copayments

A copayment is the fixed price amount that beneficiaries must pay to a medical professional for the service they performed. This expense is usually paid immediately the service is finished. The amount is typically quite low, usually around $10 to $50. But if you visit your doctor constantly, then you can save more money by finding a plan that will offer lower copayments. 

Deductibles

The deductible is part of a policy and is a consideration you need to think about when selecting your health coverage policy. This cost is essentially what you must pay for services before the insurance company will begin paying for your medical services. In addition to this detail, every benefit period this amount will reset.

For instance, if your deductible is $1,000, then you must pay $1,000 towards medical bills before the insurer starts to pay. After meeting the deductible amount, your insurance provider will share medical costs. The deductible amount will reset each benefit period, which is usually one calendar year.

The deductible will deeply affect the premium cost on the policy. Typically, plans that a have a low deductible will have higher premium expenses. Health insurance experts say that choosing a plan with a deductible that is no higher than five percent of your total annual income is ideal.

Co-Insurance

This fee is a percentage that is based on how much you pay for services being covered once you have met your deductible. For instance, when your health care provider pays 80 percent of your expenses, you will be expected to pay for the leftover 20 percent. This 20 percent is your co-insurance. 

Maximum Out-of-Pockets Costs

This cost is in reference to the maximum amount of the money a beneficiary must pay for medical services. These services fall under the health insurance policy within the period of the benefit. 

The maximum out-of-pocket cost can include co-insurance, deductibles and copayments. This, however, only depends on your policy. When you have paid the maximum out-of-pocket cost, the insurance company will begin to pay all the medical expenses covered by the policy.

Finding Health Insurance

When you are ready to choose health insurance coverage, it is good to review your options. If you are employed, then your employer may have a health insurance policy for you that you may look at. Typically, the health insurance offered by your employer will be the affordable option. 

However, you do not have to get the policy provided by your employer. If you are self-employed, unemployed or want to get a policy that is different from what your employer, then you may receive health insurance through the marketplace. You can search the marketplace on healthcare.gov.

When you are completing the application on healthcare.gov, you will give your personal information and income. Once completed, you will be able to find and compare many different policies that are available in your neighborhood. In addition to the dental information, you will be notified if you are eligible for the state or national health insurance. One example of this is an income-based program like Medicaid.

When choosing a health coverage plan from the marketplace, it is good to understand that the Affordable Care Act ensures that families whose income levels fall between 100 and 400 percent of the government poverty line can obtain the tax credits. Tax credits reduce the price of the health coverage plans that are on the marketplace. The number of tax credits that you are eligible for will depend on the income level your household has.

Coverage for Dental Services 

A dental insurance policy provides benefits like health insurance. Dental coverage will also use the same terms that are used for medical health coverage such as premiums and deductibles. However, dental insurance policies will be much cheaper than health care coverage. The deductibles are less and they will have lower copayment amounts.

Some health insurance policies will already have dental coverage included in their policies. If the health insurance does not have dental coverage, then you can purchase the dental insurance plan separately in the marketplace or with your employer.

It is also important to note that if you have Medicaid, you might already have dental insurance. Dental insurance is known as “optional coverage” by the national government, which means that the states will determine the dental insurance policies for Medicaid.

Other Health Care Options

There are still more options at your disposal. Short-term health plans give gap insurance for a short period of time. These plans usually only cover medical emergencies. It is best to use this type of coverage to fill any insurance gaps. 

Moreover, travel insurance is just in case of emergencies when you are traveling abroad. Contact your health care provider to see if they will cover medical emergencies outside of the country.

How to Choose the Best Health Insurance Plan

With all of the different health coverage options that are available through the health insurance marketplace, it can be daunting to find the top option. While you are shopping around, it is important to remember that there is no one plan that will be the ideal choice for everybody. Likewise, when it comes to health insurance, there is no single company that offers the best plans. You will need to choose the right insurance plan for you depending on what policies are available near you, your health and medical needs, your budget for premiums and other specific factors.

Depending on what is available to you, there are a variety of ways for you to narrow down your choices and find the most comprehensive option for your health insurance coverage. You should take into consideration various factors while shopping, such as the monthly premium costs, services available and type of coverage offered. Continue reading to learn some important questions that you should be asking yourself before you decide which health insurance plan to purchase. 

Where can I get health insurance?

Many Americans may have the option to receive health insurance through their employer, if the company that they work at is large enough. Otherwise, they will need to search through the health insurance marketplace in order to pick a plan. 

Workers who are offered health insurance through their employer also have the option to purchase a plan through the marketplace if they choose to do so. Eligible consumers may also be qualified to receive health insurance through government programs like Medicaid and Medicare.

Most states will allow residents to buy a plan on the same health insurance exchange that is offered federally. However, residents in the following states will be required to purchase their healthcare coverage from a marketplace managed by their respective state:

• Vermont
• Connecticut
• Idaho
• Massachusetts
• Colorado
• New York 
• California
• Rhode Island 
• District of Columbia
• Minnesota 
• Washington 
• Maryland

No matter where you purchase your health insurance plan from, you should receive the same quality coverage. Choosing where to buy from is just the first step to pinpointing the best plans for you.

What different types of health insurance are available?

One of the initial choices you will need to make when shopping for health insurance is deciding which type of plan you are interested in. The main types of health insurance that you are likely to come across while shopping include:

• Preferred Provider Organizations (PPOs). If you choose this type of plan, you will be able to receive lower costs when using health care providers within your insurer’s network. If you visit a doctor or hospital that is outside of your network, you will pay more.
• Exclusive Provider Organizations (EPOs). Under this type of plan, you will only be covered if you see a doctor or visit a hospital that is within your network, except in the event of an emergency.
• Point of Service (POS) – This plan will offer you more affordable prices for using in-network providers. If you need to see a specialist, you will be required to receive a professional referral.
• Health Maintenance Organizations (HMOs). With this type of plan, you will generally only be able to receive healthcare coverage from doctors who are working within your plan, except for in the event of an emergency.

Depending on how you need to utilize your insurance, the type of plan that will best meet your needs may differ. For example, if you do not want to be limited to certain doctors or hospitals, then an EPO or an HMO may not be the best option for you. A PPO or a POS plan will allow you to see out-of-network doctors and hospitals, although they will be more expensive than in-network services.

How much will I pay with my health insurance plan?

When it comes to picking a health insurance plan, one of the most significant factors to consider is the total cost. Regardless of where you purchase your insurance, you should receive an overview of the following costs:

• Copayments – A monetary charge at the point of service that must be paid by the beneficiary.
• Premiums – This is the monthly fee a policy holder must pay to the insurance company for their coverage.
• Coinsurance – An arrangement where the policy holder will need to pay for a split share of the costs along with other parties.
• Deductibles – The minimum amount a policy holder is required to pay out of pocket before their insurance provider will pay for any of their expenses.

Note: Many of these costs effect each other. For instance, plans with low premiums tend to have higher deductibles, and vice versa.

What are the benefits I receive from my health insurance plan?

According to laws established by the federal government, there are certain medical services that are required to be covered by all insurance plans. Some of the required services include:

• Hospital care (both inpatient and outpatient).
• Prescription medications.
• Doctor’s services.
• Pregnancy and childbirth services.

Before choosing a health insurance plan, be sure to check what medical services are covered by the policy. That way, you can be sure to get the coverage you need, regardless of how much you are paying.