There are millions of Americans who still do not have adequate health insurance coverage. For those Americans who do not have coverage by their employer, spouse, or parent’s healthcare plan, the best option, if one wants to save money on Health Insurance, is to go through the Marketplace. For those who are on a low income, the Marketplace is especially important because it does offer cheaper alternatives. Also, one may be eligible for additional savings that will decrease the amount of monthly premiums, copayments, deductibles, and coinsurance.
Save Money on Health Insurance with Healthcare Marketplace
Depending on the size of your family and modified gross adjusted income, you may be eligible for Premium Tax Credit and/or Cost-Sharing Reductions, which can lower your healthcare costs. The cost-sharing reduction is only available with the purchase of silver plans, but it can significantly lower your out-of-pocket copayment, deductibles, and coinsurance expenses.
You Won’t Save Money on Health Insurance by Opting Out
It is important to understand that even healthy people need coverage. The marketplace plans offer a range of preventive services, cancer screening, and wellness checks. To remain healthy, it is important to be screened for diseases so that one can prevent a full-blown medical problem later in life. Plus, an unexpected illness, accident, or injury can occur at any time and without health insurance, it would lead to exorbitant out of pocket expenses.
You Might Save Money on Health Insurance by Choosing Catastrophic Coverage
When filling the online application for insurance on Marketplace, you will come across a list of catastrophic plans. Under the ACA, Catastrophic Health insurance coverage is available to individuals under the age of 30 and adults who have a government-approved general hardship exemption (for example: homeless, a victim of domestic violence, or facing eviction). The Catastrophic health plans have the lowest premiums compared to most marketplace plans but also have the maximum out of pocket expenses and the highest possible deductibles. Individuals who do qualify for catastrophic plans are usually not eligible for premium tax credits or cost-sharing reductions because of income below the poverty level.
You can save money on health insurance with catastrophic coverage, but these plans are intended for individuals who are in good health and have little money to pay for monthly premiums. Basically, this plans only cover catastrophic events like hospitalization due to an accident, injury, or unexpected illness. The catastrophic plans do offer coverage for three visits to the primary care provider each year before the deductible is met. These plans also cover some preventive services at no cost.
Review Your Employer’s Health Insurance Coverage to Save Money
For individuals who have health coverage through their work, it is important to review the plan and determine the extent of coverage. Many work-related plans are not comprehensive and thus it is important to have additional coverage through the Marketplace. More importantly, work-related health plans often do not fully cover preventive services and screening tests. Comparing your employer’s coverage to the coverage options available in the Marketplace can often help you save money on health insurance.
If You Are Over 65, You Can Save Money on Health Insurance with Medicare Options
Medicare Options can help you save money on health insurance by offering a way to get additional coverages not included in Medicare Part A and Part B. Medicare Options are not as expensive as Medicare Advantage plans, so they do not cover quite as much. The best way to save money on health insurance with Medicare Options is to make sure you get the exact options you know you will need.
If you are on Medicare, it is best to review your options with an Insurance Agent. The agent will make sure you are getting the best choice of plans to save money on health insurance and still get the coverages you need. You cannot always save money on healthcare by choosing the lowest premium options because the deductibles, co-pays, and co-insurance options also need to be considered. An insurance agent can help guide you thru the process.
Save Money on Health Insurance by Speaking to an Agent
The Marketplace offers four metallic tiers of health insurance coverage. On the website, one can compare the different plans, their coverage, and out-of-pocket expenses. Many individuals can save money on health insurance by qualifying for cost-sharing reductions and premium tax credits. One can also determine eligibility for a Catastrophic plan coverage.
To obtain more information on how to save money on health insurance thru the Marketplace or with Medicare, it is highly recommended you speak to a Health insurance broker who can guide you through the maze of Marketplace Health insurance plans.