According to statistics, the annual premium for employee-sponsored, family health coverage increased by three percent in 2018, reaching $18,764. This doesn’t even account for the high costs that have to be paid by individuals who don’t have employee sponsored coverage.
Due to these high costs, many people in the market for NYC Health Insurance are trying to find ways to save money on this necessary expense. While this can be challenging, it isn’t impossible. Use the tips and information here to find affordable coverage that meets your health care needs.
- Understand the Available Alternatives
The most affordable purchase you will ever make is the one you don’t make. It is possible that you won’t have to purchase individual health insurance. However, this depends on what state you live in and what your income is.
You and your family may qualify for Medicaid. You can contact your nearby Medicaid office to determine if you are eligible. If you have children, there’s several options to consider. One is the Children’s Health Insurance Program, or CHIP. By visiting the website, you can find out if you may qualify.
You can also check and see if your children may be eligible for coverage from their other parent’s policy. Even if you have gotten a divorce, your children can still be covered by their other parent’s policy.
- Determine what You Can Realistically Afford
If the first tip doesn’t apply to your situation, then the best thing you can do when trying to purchase health insurance is to figure out what you can afford and what type of coverage you require. If you wind up purchasing more coverage than what you need, then you will also spend more than you should.
According to information in the Affordable Care Act, each individual health care plan has to cover 10 different benefits, which include:
- Vision and dental care for kids
- Outpatient care
- Preventative services
- Emergency room visits
- Lab tests
- Inpatient care in a hospital
- Devices or services to help you when recovering from an injury, disability or chronic condition
- Care before and after you have a baby
- Prescription drugs
- Substance use disorder and mental health services
While this may seem like a complete list, various health insurers may vary on how these benefits are covered. As a result, you should carefully think through the needs you have.
3. It’s Fast to Look for Healthcare Online
- One of the best ways to find quality healthcare coverage is to find it online. It won’t take long and you can complete an application during an open enrollment period. You can also apply if you have experienced a qualifying life change. According to Medicare, these life changes include losing other coverage, having a baby or getting married.To create an account, you will usually have to provide your email address. Then the websites will begin showing you options available for your needs and family.
- Begin Comparing Plan Costs
There are several places online where you can receive healthcare plan options and costs. Once you have provided the necessary information, you can begin comparing the plans and prices.
There will be plans listed as platinum, gold, silver or bronze. While bronze is going to have the cheapest premiums, they typically only pay about 60 percent of your medical costs, versus 90 percent covered by platinum plans. Think about what you need and what you can afford carefully.
If you need to purchase health insurance, using the tips here can help you find an affordable policy that will provide the coverage you need. Going in with an idea of what to do can help you with this otherwise complex process.