The Health Insurance Open Enrollment Period is over. To get the most savings, this year take a deep dive into all the plans available in your area, instead of just renewing your health insurance plan out of habit. If you use the following tips, you might find that there is a plan that covers all your medical needs AND helps you save money.
Find Out if You Qualify for Premium Tax Relief & Cost-Sharing Reductions
Did you know that over 80% of people who enroll in a Marketplace plan receive premium tax credits? Qualification for premium tax credits is based on household income; you can qualify if your household income is at least 100% but no more than 400% of the federal poverty line. If you do qualify for a premium tax credit, you will have the choice to receive the full amount of the credit in advance, so that you can reduce your premiums up front, or you can wait to get the credit when you file your taxes.
If your household income is up to 250% of the federal poverty line, you will be eligible for cost-sharing reductions on copays and coinsurance. In order to receive this benefit, you must be enrolled in a Silver plan; as long as you qualify for this benefit, it will be automatically included as part of your plan.
Consider Your Medical Needs
Do you have a chronic condition that requires ongoing treatment? Medications that you regularly take? Do you have family members with chronic conditions or who need medications? Do you plan on expanding your family? These are just some of the questions you need to ask yourself as you consider your plan for next year. Look closely at your medical expenses from last year, make a list of what you think your needs will be for next year, and figure out how much you can afford to spend on premiums. Remember to also take into account the costs of copays, coinsurance, and deductibles.
Do NOT Automatically Choose the Cheapest Plan
It is always tempting to save money by opting for the cheapest plan available. But this can end up costing you more in the long run, especially if you or a family member ends up having an emergency or becoming ill. Some cheap plans look good on paper, especially since all ACA-approved plans have to cover the 10 essential benefits, but they might have some exclusions in the fine print. Remember that, while all plans cover the 10 essential health benefits, there is no guarantee that a plan will cover any specific service or medication within the 10 categories.
Purchasing a cheap plan might seem like a good way to save money, but in the event that you need coverage for something specific, you could end up spending all the money you thought you were saving on out-of-pocket expenses. Remember, too, that cheap plans tend to have high deductibles, so you will have to pay a lot out-of-pocket before your plan begins to cover your medical expenses.
Save On Medications
Prescription medications are not cheap, especially when you need to regularly purchase medications to treat a chronic condition. To save money, you can opt for generic brand medications, which are usually cheaper. This is because they will generally be in a lower-priced tier in your plan’s drug formulary. Your plan’s formulary will tell you how much you will have to pay for each drug, so as you research plans, make sure to check their drug formularies to see which of your medications might be in a lower-priced tier .
Work With a Reputable Agent
Remember, Open Enrollment is ending soon, so you need to compare plans quickly! The best thing to do at this point is to work with an EZ.Insure agent, who will instantly give you quotes from all available plans in your area. We will show you all of your options, as well as look for any discounts or subsidies you might be eligible for.
Come to EZ and you will work with just one agent who will help guide you to the plan that best suits your medical and financial needs. Our goal is to help you save the most money while getting the most coverage for you and your family’s needs. Do not wait until the last minute and end up settling for a plan that doesn’t fit your needs. To get instant free quotes, simply enter your zip code in the bar above, or to speak to an agent, call 888-350-1890.