Whether you’re unemployed, self-employed, or covered by an employer’s healthcare plan, finding affordable health insurance can be a frustrating process. Recent changes to the Affordable Care Act make it easier for some people to find cheap insurance, and more difficult for others. Although cheap coverage exists, qualifying is not always easy. Comparing your state’s ACA exchanges with private insurance providers will give you a better idea of how to save money in your state.
The agents at Insurance Line One will help you compare plans in your state that will save you money and give you the coverage you need. We are qualified to underwrite in all 50 states, and all of our plans are eligible and compatible with ACA, even after open enrollment. Since 2009, we have provided truly affordable health insurance for you and your family. Call a friendly representative at (800) 606-1671 for a free quote.
Although health insurance may be difficult to understand, having the right plan will help you pay for healthcare. Health insurance covers services ranging from routine doctor visits to serious illness or injury. Federal regulations require every insurance plan to cover 10 categories of services no matter the circumstance. The Affordable Care Act contains Essential Health Benefits (EHBs) to ensure that everyone in individual and small group health insurance markets has adequate coverage. These EHBs include ambulatory patient services, emergency services, hospitalization, pregnancy and newborn care, rehabilitative services, laboratory services, prescription drugs and others.
Although every plan under the Affordable Care Act has the same EHBs, their costs may vary depending on the type of insurance plan or metal tier. For instance, preferred provider organization (PPO) plans are extremely popular because they offer more flexibility than health maintenance organization (HMO) plans, but recipients can reduce premiums by sticking to their provider’s network of doctors and hospitals.
The cost of monthly premiums may depend on the metal tier of your insurance plan. Generally speaking, higher metal tiers will cover a higher percentage of medical costs in exchange for a higher monthly premium. The Affordable Care Act established different metal tiers (platinum, gold, silver, and bronze) so that recipients could compare different plans and providers side by side. Platinum plans cover 90% of medical costs, and recipients pay 10%. Gold plans cover 80% of costs, and recipients pay 20%. High deductible health insurance plans allow for the low monthly premiums, but recipients are responsible for paying healthcare costs up to a certain amount before insurance pays its share.
A deductible is an amount you pay before insurance foots the bill. Having a lower deductible usually means paying a higher monthly premium. However, those willing to pay upfront costs with a higher deductible will have a lower premium to pay each month. Below are some quick rules of thumb about deductibles:
When deciding on a health insurance plan, remember that the total cost of healthcare includes more than the monthly premium. Other costs, often referred to as “out-of-pocket” costs, can have a significant impact on your healthcare budget. These costs include deductibles, copayments and coinsurance, and your out-of-pocket maximum. Be sure to review these categories and amounts with an agent before signing up for a plan.
Although state exchanges set up through the ACA may be convenient, they are not the only providers of health insurance. Private insurers often have a greater range of policies and premiums than the state exchanges. For instance, Insurance Line One has provided thousands of recipients with health insurance since 2009. We offer a wide range of insurance plans starting at $150 a month. Call (800) 606-1671 today to see if you qualify for special programs or federal subsidies.
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