Health insurance can definitely be confusing, especially if you are looking to buy it for the first time. There are many factors and strategies to take into consideration when trying to save money and get the best possible plan. Continue reading to find out why health insurance is necessary, as well as helpful tips you can use when looking for your plan.
Do I Need Health Insurance?
Starting on January 1
st, 2019 the Affordable Care Act’s federal tax penalty was repealed. This means that people are no longer required to pay a federal tax if they don’t have health insurance. So the question “Do I even need health insurance?” often comes up. The answer to that question is a resounding “yes.”
Healthcare in the U.S. is very expensive, and 60% of personal bankruptcies are caused by medical bills. It is in your best bet to be safe and get health insurance rather than risking an injury that can cost you a whole lot more money.
What Insurance Plan Is Best?
Now that you know that health insurance is necessary, it’s time to figure out what plan will work out best for you and your family. The
first bit of advice would be to not immediately judge a health plan by its price tag or its monthly premium. If you decide to choose a plan with a high deductible policy and a low premium rate, then you will end up paying far more if you file a claim due to your deductible. To evaluate the cost of health insurance, you really need to look at how much you will have paid by the end of the policy term. Don't base your decisions on the premium. Instead, base your decision on how much you are really going to get out of your plan.
The next tip would be to check all of your options before buying. Health insurance is something that is very much based on individual circumstances, so checking out the list and exploring general options could prove beneficial for you. For example, if you are not married, but have a domestic partner and live together in Millersburg, you could potentially get covered under their health plan. Or, if you are under 26 years of age you may be eligible to be covered under your parents’ plan. Laws have changed in the past several years and options may be available to you that you didn’t know about.
Along with
buying based on your individual circumstances, it’s also important to try to foresee what your life will bring over the next year. You can control how much you will pay by identifying in advance the things that you will need. For example, if you plan on starting a family in Halifax, you should plan to purchase health insurance that will cover those related expenses. Knowing that you’ll need a plan that covers treatment for pre-existing conditions like diabetes or heart disease is also important. If you’re already receiving care for such a condition, then you’ll need it going forward, and it’s something you’ll have to pay attention to as you compare health insurance plans.
Where To Go From Here
Now that you have some helpful tips on what to look for when buying your health insurance plan, you need to know where to look. Say you have doctors or specialists that you are currently seeing and would prefer to stay with. You’ll need to find out whether or not those doctors and specialists are part of your new plan’s network before you buy. You will also want to make sure that prescribed medications you are currently taking are covered under your plan. This means it’s a good idea to look for various options, and Deibler Straub and Troutman is a great place to start.
In conclusion, even though the Affordable Care Act’s federal tax penalty was repealed, it’s still a good idea to have health insurance. Always do your homework early and have an idea of what plan you will need based off of your current and upcoming circumstances. And don’t make your decision strictly based off of the price or monthly premium rate. From all of us here at Deibler Straub and Troutman we wish everyone a great day and happy health insurance hunting.
