Choosing a health insurance plan and enrolling in it can be confusing and is probably not a lot of fun. Nevertheless, making a thoughtful decision and picking the best health plan for your situation is important for you and your family.
You don’t usually plan for medical care; if you or a family member gets sick or hurt, you likely didn’t see it coming. Big expenses, such as treatment for a broken leg or a hospitalization for a serious illness, can use up your paychecks in a hurry.
In order to choose the plan that is best suited to you and your situation, consider the following criteria.
- Health Benefits: Make sure you know the benefits offerings of each plan you’re considering. Buy only what is important to you (for instance, don’t pay for maternity benefits if you don’t need them), but don’t skimp on benefits that you truly need.
- Costs: Consider which plans match your budget in terms of premium, deductible, copayments and coinsurance.
- Physician Network: If you have a preferred doctor, make sure to check which plans include him or her in their physician network.
- Brand: Are there brand-name carriers that you prefer or would like to avoid?
We make sure that you are informed about all of your coverage options so that you can make the best choice for your health and budget.
A final incentive to get health insurance coverage is the Affordable Care Act’s (ACA) individual mandate. The ACA requires that you obtain health insurance. As of 2014, if you don’t have health insurance, you will be subject to a penalty fee. Visit www.healthcare.gov/what-if-i-dont-have-health-coverage for more information on obtaining insurance or paying a penalty.
The Horton Group Individual Health Team can recommend a solution for you in any number of scenarios:
- Currently enrolled in or Transitioning out of COBRA coverage?
- Turning 26 and exiting a group plan?
- Planning an early retirement?
- Employer not offering group insurance?
What is Individual Health Insurance?
Individual health insurance is a policy you buy for yourself or your family, ensuring coverage independently of employers or organizations.
How to Choose the Right Plan
- Assess Your Needs: Review plans that best fit your individual needs.
- Budget Appropriately: Balance premium costs, deductibles, and out-of-pocket maximums.
- Network Restrictions: Make sure you review coverage to determine if your preferred healthcare providers are in-network.