If, like most employees, you think the corporate health insurance is enough – you are wrong. You must have personal health insurance bought out of your corporate plan that covers your family. You are bound to have questions about health insurance. We’ll answer them!
Whether you’re considering buying health insurance for yourself or your family, we’ll help you ask the right questions from your insurance provider. It may be your first time purchasing health insurance, or you may just want an option other than the office-provided one.
No matter your reasons, these are some of the questions that will help you know if health insurance is a good option or not.
Questions About Health Insurance | Common Queries Before You Buy
Buying health insurance apart from the one you already have can be daunting, especially for a first-time buyer. Take a look at these common questions and answers about health insurance:
Q: What is the Healthcare Marketplace?
The Health Insurance Marketplace is a federal service that helps Americans shop for health insurance and enrol. Some states have their Marketplaces or exchanges, but all have similar operations.
When you use the Marketplace, you provide information about you, your spouse/partner, dependents, and other important considerations. Based on your ZIP code, you can use the federal Marketplace, or you will be routed to your state’s Marketplace.
Q: Is $200 a Month Expensive for Health Insurance?
One of the most common questions about health insurance is the monthly premium we pay. $200 a month may look like a considerable amount, but here are some things you should consider:
- Location of buying the healthcare plan. Yes, it is one of the primary factors that can make a difference. Location-wise plan premiums are due to natural calamity probability, accident rate, crime rate, etc.
- Type of plan. This is a premium-determining factor as it depends on the insurer/insurance company. Buying a federal plan can cost less than buying private health insurance. This is one of the reasons why the $ 200-a-month plan may be inexpensive, but you must carefully check the clause.
- Covered services. It may be that the $200/month healthcare plan may not cover all the necessary services you’d like it to cover. So, if you are getting coverage for the services, you think are necessary, then it seems like a great deal!
Q: How Much Does Obamacare Cost for a Single Person?
The Affordable Care Act, or ACA, is also known as Obamacare and can cost anywhere between a few hundred to a thousand dollars. Similar to other insurance costs, there are a few things that can influence its price for a single person:
- Age is a primary factor that can affect the premium costs. If you are in your 20s, you would need to pay an average of $440 per month (that too, for a silver plan.) Similarly, someone in their late 50s or 60s would pay a higher per-month premium that could be $1000-$1200.
- Income is another factor that plays a significant role in determining the cost of these premiums. If you have an income below 40% of the federal poverty level, you can qualify for premium tax credits that lower the premium costs.
- Smoking status is a given for premium costs that are common for any insurance provider. If you are a smoker, your healthcare cost will vary accordingly.
- Lastly, the plan type and the metal tier can affect your premium costs.
For this article, we browsed the plans for a single corporate employee living in Illinois above the federal poverty level. The following were the available plans: https://www.healthcare.gov/see-plans/
As you can tell, the cost isn’t high and does not differ depending on gender (we checked.) So, you can simply check the available plans using your details!
Q: Is Cigna a Good Health Insurance?
Cigna Healthcare provides dental and medical insurance with better-than-average deductibles for silver and gold plans. It also has a high ACA premium, which may be unfavourable. You can choose the insurance plan if it fits your needs, such as:
- A vast provider network (1.5 million healthcare professionals)
- Disability insurance
- Life insurance
- Supplemental health insurance
- Accidental insurance
- If you want to opt for EPO or HMO
Cigna offers bronze, gold, and silver plans, and the bronze plans have the lowest premiums out of the three.
Q: What is EPO or HMO?
EPO, or Exclusive Provider Organization, is a plan that covers care provided within the healthcare plan’s network. On the other hand, an HMO is a Health Maintenance Organization plan that requires you to seek medical care from the providers associated with the plan.
Both of these are plan types offered on the health insurance marketplace.
Q: Do I have to use the Marketplace to buy health insurance?
You don’t have to shop for or enrol in health insurance through a Marketplace. You can shop directly with insurance companies, or you can use an insurance agent or broker. Often, it is best to work with an agent or broker so you can see all available options before you sign a contract.
Q: Open Enrollment has ended. How can I Enrol in Health Insurance?
If you are looking for health insurance outside of the open enrollment period, you may have the option of a “special enrollment period.” You may qualify for this particular enrollment period if you have specific life changes, such as losing a job, having a baby, or getting married.
Q: How do I Determine what Plans and Prices are Available on the Marketplace?
To get an estimate, you can visit healthcare.gov and navigate their “See plans & prices” page. Here, you enter your ZIP code and certain household information, and then you are provided an estimate of the types of plans available and if you qualify for a subsidy.
Q: What is a Subsidy?
The Healthcare Marketplace offers many subsidized plans. If you meet specific income requirements, you may qualify for low-cost insurance or a subsidy that helps lower your monthly premiums.
Q: How do I Make My Premium Payments if I use the Healthcare Marketplace?
Even if you use the Marketplace to purchase your health insurance coverage, you will still pay your premium directly to the insurance company. Your payments, claims, etc., will be managed by the insurance company, not the Marketplace.
Still, Have Questions?
Now that you know what sort of health insurance plans are available and how to enrol. If you still have questions about health insurance, it may be time to contact an insurance agent.
An insurance agent can help ensure you are getting the best healthcare coverage for your money. Also, an insurance agent can help determine if you qualify for financial assistance or low-cost plans.
Health insurance should be available to everyone, and a skilled insurance agent can help ensure you have the coverage your family needs.
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