Health Insurance 101

Purchasing health insurance is one thing, but making sure you are getting the best health insurance for you and your lifestyle can be tricky, especially when there are so many options and so many things to consider. Read below to find out what you should consider when shopping for individual &family health insurance coverage.

Individual & Family Health Insurance

Cost of Health Insurance Premiums

Cost is usually the primary concern for people who are looking to get health insurance coverage for themself or their family. There are ways to save money on insurance, but skipping it isn’t one of them. Medical bills from even a minor car accident can wipe out your savings – a major illness can push you into bankruptcy. If you’re on a tight budget, you may qualify for premium assistance from the federal government due to the enactment of the Affordable Care Act, also known as Obamacare. To obtain assistance, you must apply for coverage through your state’s “health insurance exchange”. If your state does not provide an exchange, you can use the government’s Federal Exchange.


Flexibility of Benefits Equals Higher Premium

Plans with the most comprehensive coverage at the lowest out-of-pocket cost require you to use a specified network of hospitals, doctors, labs, and other providers, such as an HMO. The more freedom you want, the more you’ll pay, in either premiums or out of pocket expenses. Browse health insurance benefits.


Even “Good” Coverage Can Have Loopholes

Generally, most individual/family health insurance plans cover items like hospital stays and doctor visits, but benefits for maternity, mental health, prescription drugs and dental care are optional. It is important to read the plan’s benefit coverage details to make sure you get the coverage you need. Get a quote and compare health coverages.


Finding The Cheapest Health Plan

What your insurance plan covers is just as important as what you pay. The least expensive health plan is not the plan with the lowest premium, but rather the plan which has the lowest premium for the benefits you’ll actually use. All too often people focus on the monthly premium without considering what benefits are covered, and find themselves paying more in out-of-pocket expenses because the plan did not cover services they needed.


Get Tax Breaks

Currently, individuals who itemize their tax returns can deduct medical expenses that exceed 10% of your Adjusted Gross Income (AGI). Such expenses include premiums, copayments, prescription drugs and other out-of-pocket expenses. If you’re self-employed or have a Health Savings Account (HSA) or your employer offers a Flexible Spending Account (FSA), you can get a tax break without meeting the 10% threshold.

Find Health Insurance for Yourself or Your Family

Find Individual & Family Health Insurance

With fewer employers offering health insurance benefits for their employees, many people are forced to turn to private alternatives for their individual / family health insurance coverage. Unfortunately, there isn’t a “one size fits all” solution when trying to find the right individual or family health insurance plan. Benefits and costs vary widely from plan to plan and state to state. ChooseMyPlan can help you navigate the entire process and get the health insurance coverage you need.

Paying Too Much For Health Insurance?

Health insurance is expensive. If you feel like you are getting robbed, browse health plans from all insurance carriers each year to ensure you are getting the best price. Also verify your eligibility for premium assistance from the government.

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