Buying health insurance doesn’t have to be a complicated process. If you follow the right steps, you will likely find health care coverage that is both within your budget, and provides the benefits you seek. Here are three things you should think about when shopping for individual health insurance.
The Affordable Care Act
Individual health insurance policies are sold on Affordable Care Act marketplaces and exchanges. These policies are often quite affordable, as they are intended to provide disenfranchised individuals with easy access to critical health care resources. The policies are ranked based on their cost and coverage level, making the selection process relatively simple.
The plans with the lowest level of coverage are ranked in the Bronze range, while the most comprehensive plans are in the Platinum range. Silver and Gold plans offer the mid range of benefits, with each coming at varying premium costs. If you need an individual health plan and have the income to do so, purchasing a plan in the Platinum range is ideal for most.
Platinum plans cover 90% of health care expenses and require a reasonable premium payment. With this level of coverage, you won’t have to worry about routine medical costs breaking the bank. In fact, Affordable Care Act plans are required to provide coverage for the following health care services at a minimum:
- Outpatient care
- Preventive care
- Maternity services
- Pediatric Services
- Lab tests
- Rehabilitation services
- Mental health treatment
- Prescription drugs
- Emergency Services
- Ambulatory Services
Individual Health Plan Costs
An individual health plan can only be kept by paying monthly premiums and other costs associated with the plan. You can choose to pay your premiums either monthly or in full at a point during the benefits period. Full payments often command a discount from the insurer.
Besides the premium, you will likely need to pay a deductible before your insurance will pay for services. The deductible is the total amount you need to pay for any medical services you receive during a given benefits period. Copayments and coinsurance may apply as well, with ACA members being required to pay either a set amount or percentage of their health care costs upon receiving treatment.
Although every insurance policy isn’t the same, many require you to seek care within a specified network of covered providers. If you choose to seek treatment at a place where your insurance is not accepted, you may have to pay the full cost out-of-pocket. Therefore, individual health plans work best for people who are comfortable working with a set group of trusted health care professionals.
Find Individual Health Insurance
Individual coverage is available right now. Don’t wait to get the health care insurance you need. Schedule a consultation with Trusted Senior Specialists now to learn how you can get covered now.