Getting health insurance isn’t only beneficial for individuals but also for families. However, picking the right fit for your needs can be overwhelming. Instead of enjoying its advantages, you may end up putting your family in a financial bind. You must arm yourself with the right knowledge to make the right decision. Below are some of the factors to consider.
Pick your health plan marketplace
Most health insurance is provided by their employers or the company they work for. If that’s the case then there’s no need to go through different options or marketplace since yours is already set up. However, this doesn’t mean that you can’t look for other alternatives. If your job doesn’t come with health insurance, then you will have to look for a marketplace to find an option with the lowest premium offer. Here, you’ll get the help of professional insurers to provide you with choices. They’d also go through the process and explain the policies with you in terms that you can easily understand.
Check the details thoroughly
This is especially true if you are on prescription medication. Check the health insurance plan and see if the drugs you’re taking are covered. You can also ask this from your insurer or get a list of the drugs covered by the policy you’re considering.
Compare the types
People like to compare brands before finally buying the product they need. They look at the features and the price to help them decide which one is better. The same is true with health insurance plans, it’s better to compare each to determine which one fits your needs. There are typically four types– HMOs, PPOs, EPOs, and POS. Check out their benefits, the cost, and the network.
Consider your budget if you qualify for tax credits
Health insurance is expensive but you may be able to qualify for tax credits. The premium tax credit is a refundable credit that’s specifically created to help families with low- to moderate-income. The credit depends on your income so the lower your income is, the bigger the credit will be. The IRS explains that families and individuals are eligible for the premium tax credit if their annual income is at least 100% but not more than 400% within the federal poverty line for their family size.
It’s important to know when you’ll be able to get the benefits of the coverage. Some would have a deductible of $1,000 which means you have to spend that amount from your own pocket before your health coverage kicks in. These out-of-pocket expenses include procedure fees, prescriptions, and specialist visits.
This may feel overwhelming for you so talk it out with your family. Get their opinion on what you need the most. You can also speak with professional insurance agents and brokers. London Insurance Agency is home to independent agents who represent more than one insurance company. Aside from our expertise, we have many options available for you. We can explain to you the policies and offer the best solutions. Give us a call today!