When you think about health care, a lot of things spring to mind. Health insurance is usually one of those things constantly niggling at the back of your mind probably. The reason for this might be because it’s a really scary thing to have to think about. There are costs, there are strings attached – it’s a bit of a messy business, and it is something that could really give you a headache sometimes when you start to think about it. Well, it doesn’t have to be that way. Once you’ve done your research, there are plenty of new angles you can approach health insurance from, and so we’ve put in all of the hard yards so you don’t have to do it. We’ve drawn up a list of absolutely essential things to consider when you buy health insurance to put your mind at ease, so read on to find out what they are!
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The changes in health insurance in America
The world is constantly changing; be it technologies, the way we communicate, or what kind of things become health hazards – basically everything. Health insurance is no exception, and so these changes are something you will want to take into account when you’re considering health insurance. Obamacare was an act that changed how health insurance was dealt with in America and it affected people from all walks of life, from every age group. It affected the elderly, in that it phases out the option to have to pay for things out of pocket. Young adults with chronic illness are also covered by Obamacare, as well as students, and young families. It’s safe to say that this act has been pretty influential, so it pays to keep an eye on the changes in health insurance and health policies to know what you’re in for.
When you’re approaching retirement
Picture this. It’s a bright and sunny day, and you’ve just retired, but then something makes you stop in your tracks. You’ve forgotten about health insurance. Well, never fear because Medicare has got your back as soon as you turn 65 – well, sort of. At the moment, it’s looking a little bit worse in terms of funding but Obamacare seeks to remedy that. While it’s still going, however, there are a couple of things you should look into. Part A – in non-legal terms – is just that when you’re charged for something at the hospital it’ll be covered. The great news is: You don’t need any premiums for this part. Part B is the one that prevents bad things like illness from happening in the first place – and you do have to pay a premium for this. To qualify for drug coverage, you need to qualify for parts A and B of Medicare. Medigap coverage is a little more complicated with a third party insurer in the mix, and it lacks the coverage for prescriptions.
Health insurance basics
When you’re looking at health insurance, the first thing you’re going to want to look at is who to cover it with. Do you want to insure your whole family, just you, or your small business? The way you set up group plans makes it either fully insured or self-funded, so make sure you do your research and maybe even find some health insurance quotes online that could help. Self-funded plans just mean that your boss pays for your health costs and takes responsibility, and in fully insured plans, the premium is paid by the company based on the risk factors. If you’re an employer, then self-funded insurance could be the way to go, but if you’re after individual interests, perhaps go with fully insured. If you don’t have a group in mind, you might go for the individual plan or the single-payer plan – this means it has no connection to your employer. It’s a tad more expensive and does less for you, but sometimes government coverage is just not an option. Even if you can’t afford single-payer options, there are alternatives, like co-pays. There are also flexible spending accounts, or FSAs, where the money is deducted with the tax that you pay when you get your paycheck. These things – the coverage and the cost – are super important to look at when considering health insurance.
The state of Health Insurance in America
As mentioned a bit earlier, it’s important to look towards the state of health insurance before you go forth and purchase some because there are a massive amount of strings that could be attached. There are private policies that come with advantages of affordability, enhanced job market, risk management, effective payment, and also your choice. They also restrict your options, have implications for tax, and insurance networks. Public insurance covers Medicare, which was discussed previously.
Young families & Health Insurance
A lot of things change if you decide to have children, and your insurance policy could be one of those things so what you might consider switching from an individual plan to a family plan to get more extended coverage. FSAs are another option, but it may be a good idea to get a health insurance quote. Lots of doctor visits are needed for infants, so taking them to the pediatrician can really add up, which is why it could be a sound idea to check your policy for infant coverage. You’d want to do your research before choosing a pediatrician so, again, look at what your health insurance policy can do for you. You’d need to register your new child into the plan when it says in your policy, so take a look at that, of course. All the sleepless nights in store don’t have to be filled with worries about health insurance – or at least, they shouldn’t be!
Young adults & Health insurance
College students. They’re the kinds of people who avoid the doctor and just hope they don’t die. Why? Because health insurance seems like it’s too expensive. Luckily, with Obamacare, they could still be covered up to the age of 26 on their parents’ plan or plans. Unfortunately, though, the premiums have been upped for this. If you’re a young adult who has left school and the nest, you could eligible for a continuation of coverage policy – where you can be covered by your parents for 36 months further. You can go for a group coverage or an individual plan based on your employer. This way, you won’t be drowning in debt forever. So, perhaps, just looking into health insurance quotes online might be a good idea, and also looking at your policy to make sure you’re not getting a raw deal is crucial.
Featured Image Source: Thinkstock/Feng Yu
Posted on February 15, 2023