Five Things To Keep in Mind Before Buying Health Insurance

If you are going through a life change such as starting a new job, losing coverage through your parent’s insurance, or between jobs, finding the right health insurance quickly is crucial.

Figuring out the best health insurance for yourself and your family doesn’t have to be daunting. Here are five key points to help you navigate through the process with ease.

1. Understanding Health Care Terminology

Just like any specialized field, the healthcare industry uses terms that might be new to you. Knowing these terms will help you make informed decisions when selecting health insurance!

• Premium – Monthly fee charged by health insurers.
• Deductible – Amount you pay annually before your insurance kicks in.
• Copayment – Fee you pay for healthcare after meeting your deductible.
• Coinsurance – Percentage of costs you share after meeting your deductible.

2. Where to Find Health Care Coverage

In the US, many individuals receive healthcare benefits through their jobs. If that’s not an option or if you prefer alternatives, you can explore Individual Health Care Plans.

You can access health insurance through the state/federal marketplace or work with insurance brokers. Marketplaces display various plans available in your area. Major insurance companies like Aetna, Blue Cross Blue Shield, and others are commonly seen in the Marketplace.

3. Health Care Plan Types and Categories

Healthcare plans fall into four types, each with its benefits. Employers also have choices in what they offer to employees. It’s important to ensure that the plan you choose covers the providers you prefer to see.

Health Care Categories

• Bronze – Insurer covers 60% of costs, and you cover 40%.
• Silver – Insurer covers 70% of costs, and you cover 30%.
• Gold – Insurer covers 80% of costs, and you cover 20%.
• Platinum – Insurer covers 90% of costs, and you cover 10%.

4. Understanding Costs

Health insurance costs vary based on factors like income, location, age, and health. Young and healthy individuals generally pay less. Employees typically share a portion of the monthly health premiums with their employer.

5. Make an Informed Decision

Don’t rush into selecting a health care plan without doing research. Explore different options, considering your priorities and needs. Legal requirements for health care can change, affecting both insurers and individuals seeking coverage.

Take the Next Step

Health insurance choices are unique to each person. Before diving into specific plans, reflect on your personal requirements, preferences, and possibilities.

Finding the right health insurance takes effort and research. Use this guide as a starting point for your exploration, and good luck with your search!