3 Things to Know About Your Next Health Plan

By on November 11, 2021
next health plan

Shopping for ObamaCare health insurance doesn’t have to be a headache. As a matter of fact, the Affordable Care Act makes getting your next health plan easier than ever before. You’ll be able to choose from a list of insurers and plans without an employer, and the government will even assist with the costs through subsidies. Still, there can be a lot of information to sort through. If this is your first time getting coverage, then you may feel overwhelmed by all of the options and terms. There are a few things you should be aware of when you start comparing plans. Familiarizing yourself with these terms will help you get the best value for your money when browsing insurance plans. 

Premium

This is the most important insurance concept to be aware of. Simply put, your premium is the monthly price of your insurance. It is typically the number that shoppers look at first because it will be paid regardless of whether or not you have to see a doctor. Most people try to keep their premiums low. While this makes coverage more affordable, keep in mind that a lower premium might mean higher deductibles and copays. A lower premium may also mean that you have a smaller network of care providers to choose from. In either case, one of the primary advantages of ObamaCare is a subsidized premium. This means that the government will pay a portion of your premium for you either through a tax credit, or direct payments to your insurer. 

Deductible 

Deductibles are the next piece you should be aware of. A deductible is the amount of money you must pay out of pocket before your insurer starts paying for care. Lower deductibles mean that your insurance will start assisting with treatments sooner. However, this often comes with a higher premium. A higher deductible might mean a lower monthly premium but at the cost of less upfront help from your insurer when it’s time to see a doctor. Your family’s medical needs will inform which route to take. If you plan to visit the doctor frequently or need routine medical care, a low deductible might help keep the cost of your doctor’s visits to a minimum.

Copay

Copays are the easiest to understand, but they are no less important than premiums and deductibles. A copay is the amount of money you pay out of pocket when you visit a healthcare provider. Oftentimes, copays are waived or kept to a minimum when dealing with in-network providers. A higher monthly premium might correspond with a larger coverage network, with more practitioners to choose from. Conversely, lower premiums might correspond with a smaller network of providers. If you’re forced to venture out of network, you may have to come out of pocket for more than you’d like. 

Once you’ve enrolled in an Obamacare health plan, take a look at your budget and assess your family’s medical needs. You can then use these three insurance expenses to find the coverage that best suits you.

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3 Things to Know About Your Next Health Plan