Finding a good health insurance plan can be a difficult task, especially for those who are self-employed. As a consumer, you need to pay attention to a lot of factors while purchasing a health insurance plan.
We will discuss all the important factors that you need to consider so that you can make an informed decision regarding the purchase of your health insurance plan.
1. Monthly premiums
This is the first thing that you need to consider before finalizing the purchase of any health insurance plan. Not all health insurance plans have the same premium rates. While some plans cost less, others are expensive.
It basically depends on the type of healthcare services that are covered by the plan. A healthcare insurance plan that covers the cost of advanced treatments like cosmetic surgeries and radiotherapy will have higher premiums as compared to the one that covers only basic health care facilities.
2. Take your marital status into consideration
Before you make a decision, it is extremely important to take your marital status into consideration. If you are single or unmarried then you can get away with a less expensive health insurance plan for individuals, but on the other hand, if you are married with kids in your family then you will certainly need a plan that covers your children too.
Ignoring this factor can lead to problems at a later stage when one of your kid’s treatments needs to be covered.
3. Understand the Affordable Care Act
You must have heard about the Affordable Care Act. Since more than 30 million Americans were without a health insurance plan, the act was designed to make health insurance affordable for each and every one.
If you are someone who has applied for enrollment on healthcare.gov then you have made a wise decision. The act has reformed the entire healthcare industry. But in order to experience the full force of these reforms, you must educate yourself in the provisions of this act.
According to the act, no health insurance company can deny coverage to an individual based on some pre-existing health condition. It has also directed the health insurance companies to cover some of the diagnostic and screening procedures.
4. Study your state laws
Please note that participation under the Affordable Care Act is not mandatory for all states, states participate voluntarily. Hence, before getting all excited about the plans that you see on healthcare.gov, you must make sure that those plans are available in your area or state.
Furthermore, there are some additional regulations that differ according to the states. For example, in some states, it is already illegal for insurance companies to deny health insurance to anyone based on a pre-existing condition. In contrast to this- it might still be legal in some states that have not voluntarily participated under the new act.
5. See if your spouse has health insurance
Before purchasing a new health insurance plan, see if your spouse/partner has health insurance or not. It’s a long shot but if you act without delay then you can possibly benefit from your partner’s group insurance.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2020 Sid mark