It is one of the most important decisions we ever make and yet, many of us put it off until a crisis hits or a sudden wave of worry overcomes us at an unexpected moment. We are talking about enrolling in a health insurance plan.
Investing in your health by purchasing an insurance policy should be an easy decision to make, but several factors can make it a difficult decision. One of the most common reasons why we delay shopping for health insurance concerns the complexity of the process. We enter the search with answers to most of the questions, but after a few clicks of a computer mouse, we discover that we have discovered more questions that do not have easy-to-find answers.
Many of the questions stem from trying to understand basic health insurance terms. What is a deductible? What do co-pay and coinsurance mean? What is this open enrollment period people often talk about when it comes to the Affordable Care Act (ACA)? What do you mean that I am not a member of a certain healthcare provider network?
Health insurance is not just for the old and infirm. It is also a vital part of a personal finance strategy for younger people that follow a daily exercise regimen, eat all the right foods, and take all the proper precautions to avoid getting sick or sustaining an injury. If you have heard of the worst-case scenario principle called Murphy’s Law, you understand that “What can go wrong will go wrong.”
Maybe you slipped and fell over a slick area of your kitchen. Perhaps you assessed your healthcare needs as part of a list of New Year’s resolutions and determined that you need insurance coverage to cover a large expense. Whatever the reason why you need health insurance now, you know you do not have the cash on hand to address an immediate concern. Diagnostic tests, treatment programs, and physical therapy sessions can run into tens of thousands of dollars.
The time is now to buy a health insurance policy. The fastest option is to request a QUICK HEALTH INSURANCE QUOTE here. For even more options and advice, let’s review a few tips below to help you get started on the journey.
Tip #1: Match a Policy with Your Healthcare Needs
One of the most common reasons why people purchase the wrong healthcare insurance policies is that they do not align a policy to their healthcare needs. What is your most critical healthcare need over the coming year? Do you have a current plan that does not include one or more types of coverage that take care of your family? Are you or a family member expected to undergo a major surgical procedure over the next year?
Answering these questions sets the stage for other tips that help you buy the right health insurance policy.
Tip #2: Buy a Policy You Can Afford
In the ideal world, buying a health insurance policy should be a process that involves careful consideration of many factors. However, if you need a policy today, you might overlook some, if not all of the factors.
You cannot overlook affordability.
You should consider what you spent on health insurance coverage over the past year, and if you did not have a policy, what you paid out-of-pocket for healthcare expenses. Do you expect to pay the same or close to the same in healthcare expenses over the next 12 months? How much do you expect to pay in healthcare expenses over the next year?
Tip #3: Shop for a Policy in the Open Marketplace
Until March 2010, Americans had two options for purchasing a health insurance policy: On their own or through their employer. The Affordable Care Act (ACA) changed how we search for health insurance by offering policies as part of the Open Marketplace. In most states between November 1 and January 15, you have the option to shop for an affordable health insurance policy that is part of a vast network sponsored by both the public and private sectors.
By leaning on the ACA’s Open Marketplace, you might qualify for subsidies that make what were once cost-prohibitive health insurance decisions much more in line with the family budget.
Tip #4: Consider a High Deductible and Low Monthly Premium Policy
Health insurance companies base setting monthly premiums on several factors, most of which you have no control over. Nonetheless, you do have control over how much you can afford to spend out-of-pocket each year by deciding on an annual deductible. If you are in good health and do not expect to spend money on an expensive medical procedure over the next year, a high-deductible health plan (HDHP) might be the right health insurance option for you.
By agreeing to pay more in out-of-pocket healthcare expenses, you enjoy a reduction in monthly premiums.
Tip #5: Shop for Health Insurance at Insurance Broker Hub
The Internet has made it much easier to shop for a health insurance policy. However, Insurance Broker Hub provides the easiest way to purchase a health insurance policy by giving you access to every health insurance company in the industry, such as Aetna, Cigna, Blue Cross Blue Shield, and even the AARP. Our one-stop health insurance policy portal does all the legwork required for research to eliminate the confusion and frustration associated with searching for the right policy. The best part is our service is free since you do not have to pay broker fees or premium surcharges. Get a free health insurance quote today!