10 Tips for Saving Money on Individual Health Insurance
Finding an individual health insurance plan that meets your needs and budget can be tough if you do not know much about how health insurance works. Rules and regulations are constantly changing, making it difficult to keep up with everything.
Without proper knowledge, you could end up choosing the wrong health coverage which can be a costly mistake.
Follow these tips so you can end up with a health plan that meets your needs without breaking the bank!
1. Work with a Licensed Health Insurance Agent
Health insurance is confusing. With so many options out there, how can you know which one is right for you? Let a licensed health insurance agent from iWebQuotes sort through your options and find one that suits your needs. They can even check if you qualify for a subsidy and guide you through the enrollment process, which can be a daunting task on your own. The best part? Working with an agent is completely free!
2. Consider an Individual Health Plan
Even if you have a group insurance plan available, it is smart to look at individual health plans because insurance carriers will be competing for your business. Not all insurance plans are created equal, and that includes group health insurance. If you are offered coverage through your job, it may not be right for your needs and it can be expensive, especially if your employer does not contribute anything toward the monthly premium. Check the individual marketplace to see what kind of coverage is out there. You may find that an individual health insurance plan is a cheaper option that gives you more comprehensive coverage!
3. Evaluate Your Health Status
The type of health coverage you need can be determined by your health status. Are you healthy? Consider a high deductible plan with a lower monthly premium. A Health Savings Account (HSA) can work wonders in conjunction with high deductible plans! Need frequent doctor visits? Try a plan with a higher premium and lower deductible. There is no “one plan fits all,” so it is important to think about your individual needs before enrolling in coverage.
4. Be Aware of Enrollment Periods
There are different enrollment periods during the year, but some of them require you to meet certain criteria to be eligible to enroll. The Open Enrollment Period, which takes place toward the end of the year, allows you to sign up for health insurance without a Qualifying Life Event. Meanwhile, a Special Enrollment Period can happen anytime during the year as long as you qualify.
5. Do Not Fall for a "Special Offer"
Remember, insurance rates are set by the insurance company and regulated by your state, so you cannot get a better “deal” based on where you purchase it from. If anyone offers you a “special offer,” they could be trying to scam you. You are better off working with an iWebQuotes agent because they have your best interests in mind. iWebQuotes partners with dozens of national insurance carriers, so iWebQuotes agents are trained to be unbiased when finding plans for you.
6. Ensure Your Doctors & Prescriptions Are Available
Before committing to a plan, make sure you will be able to see the doctors you prefer and get the prescriptions you need. Otherwise, you may end up having to find all-new doctors for care. Plus, prescriptions that are not covered by your insurance will be incredibly expensive, so be sure to avoid all the trouble by determining if your insurance covers it before you sign up.
7. See If You Qualify for a Subsidy
You may qualify for a subsidy like an advanced tax credit or cost-sharing reduction. These can help to lower your plan’s premium or out-of-pocket costs. You can either check out a government calculator to determine your eligibility or have a licensed health insurance agent from iWebQuotes figure it out for you. For plans on the individual marketplace, you can qualify for a subsidy if you make between 100%-400% of the poverty level.
8. Think About an Off-Exchange Plan
If you do not have any major health issues and do not qualify for a subsidy, you should consider an off-exchange plan, also known as a short-term medical plan. It will be less expensive because it will not be required to cover all of the essential benefits that on-exchange plans do, like pre-existing conditions and pregnancy care. An off-exchange plan may be a good fit if you are looking for basic coverage.
9. Compare Quotes
Do not just enroll in the first health insurance plan you find. Take some time to gather a few quotes so you can compare the plans and make an educated decision. A plan could have a low premium but an extravagant deductible. Likewise, a high-premium plan could be cheaper in the long run if you require frequent doctor visits. If you are not sure which plan is right for you, talk to a licensed health insurance agent. They can evaluate your options and help you pick a plan that meets your needs.
10. Check If Your State Has an Individual Mandate
Some states require residents to have health insurance or face a penalty. Find out if your state has an individual mandate by going online or talking to a licensed agent. The last thing you want to do is pay a penalty for not having health insurance when you would have been better off signing up for coverage!
Contact iWebQuotes Today
Take the next step and get in touch with an iWebQuotes agent today. You can discuss your needs with your agent, and they will help you find a plan that meets them.
Call 866-WWW-iWEB or visit www.iWebQuotes.com to get started!