Need help shopping for the best health insurance plan for your needs? We’ve put together a few tips to help you out. If you would like to speak to licensed health insurance agent about selecting a plan, feel free to contact us now!
If this is your first time shopping for health insurance plans, you’re not alone. Many Americans are first-time healthcare buyers and face the same confusion as you. Here’s a few tips to help you understand your options
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When shopping for health insurance, most buyers select plans on price only. Although affordability is important, you want to choose a plan that covers your actual healthcare needs. Some questions you might ask yourself are “how many times you plan to see the doctor this year?” or “does this plan cover my medication costs?” Make sure to understand your options and ask as many questions as possible when speaking to a licensed health insurance agent
You wouldn’t buy a car or home without shopping around and see what your price options are. Buying a health insurance plan shouldn’t be any different. It’s recommended to get at least 2-3 other health insurance quotes before pulling the trigger on a healthcare plan. Make sure to consider how much coverage you need and what you can afford monthly.
Different policies have different network options. Before choosing the right network, ask yourself “do you want the option of selecting or keeping your own doctor?” If so, you want to choose a PPO Health Insurance plan. If you don’t plan on seeing a specific doctor, be mindful that your network is broad enough and offers plenty of provider options.
Ok, so you’ve got your options and compared cost and coverage flexibility. Now it’s time to get covered! Any one of our licensed health insurance agents will be able to take your payment information and send out necessary plan documentation.
A private health insurance plan is one of your options when shopping for health insurance. Unlike a government plan, private health insurance plans often offer more flexibility in coverage and are often less expensive. If you decide on a private health insurance plan, you will face a tax penalty at the end of the year. Again, even with the tax penalty, private healthcare plans may still be your most affordable option.
Also known as The Affordable Care Act, Obamacare is a healthcare reform intended on making health insurance more accessible and affordable to millions of Americans. Obamacare plans have specific coverages and are priced based on your age, household size, income, and smoking status. You can enroll for Obamacare during the Open-Enrollment period or in the case of a life-changing event (i.e. loss of job, new child, recently moved, and various other qualifying events.) The Affordable Care Act eliminated pre-existing conditions as a reason to be denied health insurance coverage, as well as provides healthcare subsidies to those living in poverty.
Effective January 1st 2014, tax penalties were accessed for not purchasing a health insurance plan under The Affordable Care Act. In 2015 the tax penalties were 2% of your total annual income or $325 per person. For 2016, the tax penalties will increase to 2.5% of your total annual income or $695 – whichever is higher. Although the penalty sounds scary, you can still purchase a private health insurance plan and pay less yearly even with the penalty. Always remember to compare all options, and select a plan that’s best for your needs.
The next Open Enrollment period starts November 1st 2015 and ends on January 31st 2016. During this period, all Americans are given the opportunity to sign up for affordable health insurance.
A healthcare subsidy is financial assistance programs aimed to help those in lower income tax brackets affordably pay for health insurance. A subsidy is not a loan you have to repay. Qualifying for health insurance subsidies is based on household size and total annual income. Our licensed health insurance agents are able to let you know if you qualify for these subsidies.
If you are not able to enroll in an affordable health insurance plan for the 2015 calendar year, you will have to pay a substantial fine to the IRS. The penalty faced is either a $325 fine per person or 2% of your total income for the year.
Since the Internal Revenue Service (IRS) levies the fine, putting off purchasing medical health insurance will go against your income taxes for every year not enrolled. Each year this penalty increases in value with 2016’s cost estimated at $695 per person or 2.5% of your total income.
Moreover, the Affordable Care Act mandates that citizens who do not carry any type of medical insurance plan for a minimum of 9 months may face this penalty. During the time you file your taxes, even if you expect to receive a refund from the IRS, you may end up owing money instead receiving it. You can prevent this occurrence and possible hardship by being proactive in shopping for affordable health insurance options and picking a plan as soon as you are capable. It’s important to note that most Americans may qualify for tax subsidies, and could be a solid option in making sure you avoid the 2015 or 2016 penalty.
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