Losing health insurance can create challenges. There may be ongoing health issues to manage and unexpected times when you need to go to urgent care or the hospital.
A loss of benefits can occur due to changes in employment, income, or federal and state guidelines. A large example is the winding down of automatic Medicaid enrollment. An estimated 95 million low-income Americans were enrolled in benefits through Medicaid and CHIP (the Children's Health Insurance Program) as of March 2023. They now run the risk of having to look for new outside insurance options.
Regardless of how your insurance changes, navigating the process of finding new coverage can be confusing and daunting. Ultimately what is most important is to ensure you still have insurance in place for you and your family.
Key takeaways:
Outside of getting insurance through an employer, you can shop for your own plan. Medical, dental and vision insurance are all available by going directly through an insurance company. You can also look for individual and family insurance through the federal and state marketplaces. You will just need to keep note of the enrollment dates – that is when you are allowed to start a new insurance plan or change plans.
Looking for insurance is a double-edged sword. There are many plan types to choose from, but there are differences to keep in mind. To help you make the best choice possible for you and your family we have some tips and tricks you can use.
What features you should be looking for in a plan:
When it comes to any type of health care, the bottom line is you will save money on each visit by having insurance. And you can get the most out of your insurance by knowing how the plan works. Here are some key points to consider when browsing health insurance plans:
Will you have a deductible? What is the out-of-pocket maximum?
Knowing this information will really help you narrow down your choice of insurance. Your plan may have a deductible amount you have to pay before the insurance will start paying a share for your services. You will also want to know what the out-of-pocket maximum is. This is how much the insurance will pay in total over the year. Any expenses over the maximum would be coming out of your pocket.
What services are covered as preventive care?
Medical and dental plans can vary depending on which services are considered preventive care. In many cases, these services may be available at no cost to you. They can include routine checkups and dental cleanings. And they can be allowed once or twice per year, depending on the plan. Preventive care can lead to early detection and treatment of medical and dental conditions. It can reduce the need for expensive services and possible emergency room visits in the future.
What other services are covered under the plan?
Are there waiting periods?
You will want to know if you can start getting medical, dental or vision care immediately or if you must wait. Some insurance plans require you to wait until they cover certain treatments or surgeries. Waiting periods can also extend to how often you are able to receive routine care.
Types of plans:
The process of choosing insurance can be a lot easier when you know what you’re looking for. Imagine what pirates could have achieved if they had GPS on their ships. Some of the plan acronyms do sound like ship names. With that in mind, we will look at the types of plans out there:
And here are some common insurance terms for good measure. Anchors away!
Saving on cost:
Some people look at insurance as a financial commitment they can live without. Luckily, there are multiple types of medical and dental insurance to suit your specific needs and budget. These plans cost less compared to paying dental fees without insurance. Insurance is also helpful during an emergency. You never know when you’ll need medical or dental care. And paying the full fees upfront can be stressful.
Working with an insurance broker:
You can also work with an insurance agent or brokerage that is familiar with the health insurance marketplace. This could be one of the best ways to receive guidance as they will be able to hear your unique needs and lead you to a plan that suits. They would have already vetted many of the benefits programs out there.
So, yes losing health insurance is a headache. But you can see there are plenty of reasons to forge ahead and make sure you still have a form of coverage. It allows you to take care of your overall health, provides easier access to necessary treatments, and offers financial protection for unexpected health issues. Remember that dental insurance plans vary in terms of coverage and cost. We hope these tips will make it easier for you to navigate and review the different plans available to you.
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