If you don’t already have employer-sponsored health coverage, Obamacare (Obamacare) marketplace provides excellent options for individual and family plans as well as short-term plan options and Medicare coverage.
Avoid limited-benefit health plans with low premiums but high out-of-pocket costs; these don’t represent real insurance. Instead, opt for more comprehensive health plans:.
1. Check With Your Employer
Employer-based health plans often cover part of your plan costs; leaving one behind or opting out may mean taking over all your own insurance costs – which can feel daunting and be dauntingly expensive.
Before switching, take some time to reflect on what your priorities are. Do you require coverage for prescription drugs, annual check-ups or preventive care services? “All these are key elements when choosing a plan,” Gulko notes.
Buckey recommends starting with your employer as a good place to begin the search for benefits options and answers to any queries that arise. “If your employer offers multiple plans, compare and contrast each plan before selecting the one which best meets both your needs and budget,” she advises.
Examine what each plan covers, such as premiums, deductibles, copayments and out-of-pocket costs. Also pay attention to provider network coverage: which hospitals and doctors the plan works with; for instance HMOs usually limit what providers you can see while PPOs often provide more choices and flexibility.
If you can’t find a plan that meets your needs, considering speaking to an agent or broker may be the way forward. But before making this move, make sure that all options have been thoroughly explored as they could potentially have an effect on both income and tax situations.
Buckey notes that when purchasing plans from the marketplace, applications will be determined based on your projected annual income and so it is essential that fluctuating income doesn’t disrupt savings or coverage plans, since this would need to be maintained accordingly.
Health-sharing ministries may also provide an option, where members of a particular faith can contribute money toward medical expenses. But these plans do not offer coverage of preexisting conditions nor guarantee reimbursements.
2. Go to the Marketplace
If your employer doesn’t offer health insurance or you are self-employed or retired, Obamacare provides an individual health marketplace known as NY State of Health Marketplace where you can purchase individual coverage at competitive prices from multiple insurers and compare plans and prices from many different carriers. Furthermore, financial assistance might help lower costs.
First, identify what type of coverage you desire and need. Plans offering multiple benefits or just doctor visits and prescription coverage could be good options to consider. Also keep your budget in mind, including monthly premium payments, copays, deductible payments, etc. Last step would be exploring each level of coverage offered – Bronze, Silver, Gold or Platinum plans are all good choices to explore further.
Apply for health plans through either the NY State of Health Marketplace, directly with an insurer, or using an aggregator/broker such as eHealth to find and purchase the appropriate plan for you. When purchasing directly from an insurer, however, they may require evidence of your identity and income in order to process their plan application.
To shop the marketplace, visit either the NY State of Health Marketplace’s official website or a private exchange such as eHealth. To begin shopping the marketplace, enter your personal data such as age, zip code and gender before answering some questions about income and household size – then view plans with prices associated with them and any financial help that might be available to you.
Be mindful that Marketplace plans can only be purchased during the annual Open Enrollment Period, although you may qualify for a Special Enrollment Period if life events such as getting married, having a baby or losing coverage occur during the year – then shopping and enrolling outside the regular Open Enrollment period could still be done on the Marketplace.
3. Talk to an Agent or Broker
Health insurance agents or brokers can be invaluable resources in selecting a plan. They can explain all the different kinds of plans available, their costs, how to compare them, as well as making sure any plan you select fits with your healthcare coverage needs and budget. It is essential to find an agent licensed within their state using Find Local Help tool from the federal government; you’ll be provided with a list of local people that can help with applying and enrolling into Marketplace plans; some brokers may even offer extra services such as language translation or special assistance if required.
When seeking out a broker, it’s essential to inquire which companies they sell policies from and the options they provide without hesitation. Furthermore, ask about any fees they might charge; hopefully no fee should be necessary in working with one – though always double check before scheduling an appointment!
Once you’ve selected a health insurance plan, your broker can assist with filling out an online or paper application for insurance and verifying information such as income to determine eligibility for premium tax credits. Furthermore, they should remain available throughout the year in case any issues or concerns arise.
Applying for a Marketplace plan during open enrollment period – typically held during fall and winter – or during any special enrollment periods such as moving, losing a job, or getting married are options available to you. Individual plans can also be purchased directly from insurers or public exchanges.
If you are transitioning from parental health insurance and need to select your own plan, consulting an agent or broker is often an efficient and time-saving strategy. Not everyone understands all the fine print and terminology associated with health plans – these experts specialize in this stuff every day and have been specially trained to guide their customers through all their options.
4. Shop Around
Finding health insurance on your own can be confusing, but spending some time researching and comparing various plans will help you find a policy that meets both your needs and budget. When looking at costs associated with health coverage plans, key points include monthly premium payments as well as any annual deductible amounts you need to meet before your insurance company starts covering costs; additionally plan types vary widely with some offering lower monthly premiums but higher deductible amounts than others.
When shopping for health insurance, it is essential to compare costs and benefits. To do this, carefully examine deductible, copayment/coinsurance amounts and what services are covered as well as whether there is a network. Choosing an out-of-network plan could significantly increase costs; so be sure to confirm whether the one you are considering covers out-of-network care only or includes your preferred doctors or hospitals within its network.
One method for purchasing individual health insurance is through private marketplaces such as eHealth. These websites can offer you policies that fit your specifications while charging a commission fee – something it is important to consider when using this form of purchase. You might find better offers by searching directly on an insurance provider’s website instead.
If you purchase health insurance outside the marketplace, government subsidies won’t apply; however, you should still find a plan that fits both your budget and needs. Speak with an advocate from Advocate Health Care about how best to shop for health insurance; we can walk you through each step so you can make an informed decision regarding which plan best meets your needs.