If you are lucky enough to have health insurance provided by your employer, this limits your options to plans provided by your employer. If you don’t have coverage during your work, perhaps an organization or association that you have will allow you to purchase health insurance through them at a group rate.
Another option is to check the local Obamacare health insurance market to see if you are eligible for an initial premium credit, which will reduce the premium costs. Even if you are not entitled to credit immediately, purchasing health insurance through the market means that you can qualify it when filing your tax return for the year.
If you can or cannot get health insurance from one of these sources, then you must go back to purchase a private plan. This will give you the widest range of options, but it will likely be much more expensive.
Decide what type of policy to buy
Health insurance policies are available in a variety of basic types, although you may not have access to all of these options through your favorite source. Health maintenance organizations (HMOs) are a very common type of health insurance policy. With an HMO, you need to use health care providers within the political network and you need to get a referral from your GP to consult a specialist.
Preferred supplier organizations (PPOs) are also quite common. PPO health insurance policies have a network, but you are not limited to network assistance – although it is cheaper to use network providers – and a referral is not necessary to consult specialists.
The Special Providers Organization (EPO) is a hybrid between HMO and PPO. You need to stick to the plan’s network, but don’t request referrals from specialists. Finally, the Point of Service (POS) scheme is a less common option which is essentially the opposite of EPO. You are not limited to the POS system network, but a referral is required to consult a specialist.
Of the four common types of plans, an HMO or EPO tends to be cheaper than a PPO or POS with the same coverage level. However, if network coverage is poor in your area or you feel uncomfortable limiting yourself to network providers, it may be worth paying a little more to get a PPO or POS policy.
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High deductible vs low deductible
All things being equal, the greater the deduction from the plan, the lower the monthly premium. A higher deduction means that you have to pay a lot of expenses for health services before taking out an insurance policy, but if you don’t incur any or all medical expenses in any given year, these plans can be a real bargain. . Very low medical bills mean that you probably won’t be able to get over your deductible from a low deductible plan, so getting a high deductible plan keeps your insurance costs as low as possible while having some wrongdoers. It protects you from the situation.
If you decide to follow the high deductible route, obtaining a Health Savings Account (HSA) enabled plan and financing it with a minimum annual deductible is the best option. . The HSA plan covers the biggest weakness of a large deductible insurance policy, i.e. before you run out of insurance before spending too much money on a large medical expense. If you have a full year in your HSA, you can use that money to finance your share of expenses, while providing an HSA that is benefiting from triple tax benefits.
Jun 21, 2020
Jun 21, 2020