PLEASE NOTE! The Health Insurance Marketplace Open Enrollment period ended February 15th. If you do not have a qualifying life event, you are unable to purchase an Obamacare ACA insurance plan. With that said, Short Term Health Plans have become the primary product in the market, providing insurance coverage until the next open enrollment period. Please consider purchasing a Short Term Health Plan until the next Open Enrollment period. Open Enrollment for 2018 coverage starts November 1, 2017.
Individual and family health insurance plans ensure that you and your family have the coverage you need to protect you from unforeseen medical expenses. You can meet the specific health care needs of each person with their own individual plan, or you can save money by including everyone under a cost-efficient family health care plan.
There are a variety of plans available that will help you meet your specific financial and benefit level requirements. Contact us today to get expert advice about which health insurance option is best for you and your family, or get started by comparing health insurance plans right now.
What Should You Consider When Choosing a Health Plan?
Whether buying individual health insurance or a family plan, there are a number of important factors you should consider. Ask yourself the following questions to help you decide what type of plan makes sense based on your finances and needs:
- Health Care Needs: The first consideration when selecting a health plan is what you and your family’s specific needs are. How often do you go to the doctor? Will your needs change in the next year, such as starting a family? Are you receiving on-going treatment? Do individual family members have specific needs not covered under a general family plan?
- Hospitals and Doctors: The second consideration is the network of doctors and hospitals in the plan. If you like your doctor, is he or she in the plan? Are the doctors and facilities conveniently located near you? Do you have freedom to see whomever you want?
- Costs: The third consideration is the cost of your plan, and what benefits package makes sense based on your finances. Under the Affordable Care Act, many health insurance plans for individuals now have bronze, silver, gold and platinum benefit levels that indicate the level of coverage (and associated costs) the policyholder will have. When considering the options, be sure to see what each plan does or does not cover and what would be your out-of-pocket costs. Before making a decision, consider the various plans’ monthly premiums, deductibles, copays and other expenses. Are you eligible for a federal subsidy or tax credit to help pay for the health insurance? If individual health insurance plans for each family member is too costly, you may want to shop for family health insurance plans. That said, there are a variety of affordable individual or family health insurance plans available.
Think Metal When it Comes to Coverage
The Affordable Care Act – more commonly known as Obamacare – has enacted a variety of new individual and family insurance plans. Whether you are buying health insurance for you or your family, understanding these changes will help you find the plan that’s right for you.
There are four main levels of coverage when it comes to health insurance plans: bronze, silver, gold and platinum. Bronze plans are the cheapest policies, but they also mean high out of pocket costs for things like deductibles, copays, tests, and doctor visits. Platinum policies cost the most, but they offer the most coverage.
Bronze pays for an average of 60% of health care expenses, with consumers picking up the rest. Silver pays 70%, gold 80%, and platinum 90%. But keep in mind that different companies offer differing premiums for the same coverage.
For more information about Individual Health Insurance and Family Health Insurance, please see our Frequently Asked Questions sections. If you want to learn more about how Obamacare has impacted Individual or Family Health, please see our guides.