Today health insurance as become the leading sortout insurance for individuals, families and small businesses. “Over the past year, consumers has struggle to understand what health care reform means for them, they also continue to ask basic questions like ‘what is the best plan for them?’ or ‘how does a deductible work?’ so it’s important to understand the health insurance basics if you really want to find the right plan for your needs.”
Choosing a health plan can be confusing, but choosing the right plan for your needs is important-know what kind of coverage you need. Look carefully at what the plan covers and what it doesn’t cover (exclusions or limitations) and compare benefits.
Things To Consider Before Shopping For Health insurance
* Find out about the dollar limits on how much you’ll pay for health care services you receive (out-of-pocket maximums).
* Look carefully at policies with bargain-priced premiums – they might turn out to be too limited to be useful for you.
* Understand how the claims process works, how your providers get paid and what portion you have to pay.
* Ask if your providers are in the insurance company’s network.Ask if your medications are covered and their costs.
Why Do you Need Health Insurance?
Everyone’s life is different. But no one is immune to illness and injury. That’s why there’s health insurance. You need health insurance because you cannot predict what your medical bills will be. In some years, your costs may be low. In other years, you may have very high medical expenses. If you have health insurance, you will have peace of mind in knowing that you are protected from most of these costs. You should not wait until you or a family member becomes seriously ill to try to purchase health insurance.
What If You Are Insured Through Your Job
Most people get health insurance through an employer. If you’re one of them, you won’t need to use the government insurance exchanges, or marketplaces. Essentially, your work is your marketplace. If your employer offers health insurance and you still wish to search for an alternative plan in the exchanges, you can. But plans in the marketplace are likely to cost a lot more. Most employers that provide insurance pay a portion of workers’ premiums, so they’ll likely offer the least expensive option.
If your job doesn’t provide a health insurance benefit, you can purchase through a private exchange or directly from an insurer- insurance marketplace in your state. Many private health insurance may not eligible you for premium subsidies, which are income-based discounts unlike your employer. A good approach is to get a plan that balances the lowest out-of-pocket expenses with a monthly payment you can afford. That could be the right plan for you, a subsidy can help make your health insurance more affordable. When you’re shopping for plans, you’ll be able tosee if you qualify for lower costs.
and You Leave?
If you leave a job where you have had employer-sponsored health insurance, you will want to ensure that you have continued protection against the high costs of health care. Whether you leave the job on your own or you are forced to leave, there is a Federal law that may help you to maintain coverage. In united state Under the Consolidated Omnibus Budget Reconciliation Act of 1985 (commonly known as COBRA), group health plans sponsored by employers with 20 or more employees are required to offer continued coverage for you and your family for 18 months after you leave the job.
Some States have laws similar to COBRA that apply to employers with fewer than 20 employees. To find out if this applies in your State, contact your State Insurance Commissioner. If you open your own business and become self-employed, you may be able to obtain health insurance through a trade or professional association.
In America going without insurance could bring a tax penalty. For 2014, that penalty is 1 percent of your annual income or $95, whichever is higher, and $47.50 for each uninsured child, to a family cap of $285.