Health Insurance Market Comparison
Adam Mical Smith
Employee Benefits Advisor & Strategist | You need a plan that will control costs | Ex-Healthcare Provider ?? Employers use us to care for their people ?
Yes, there are different markets! It's smart to consider all of your options, and hone in on the type of plan you want. Most people just shop one market. Just as there are different markets, there are also different tiers of plans.
Health insurance doesn't always cover 100% of your costs. In fact, it's designed to split the costs of medical care with you up until a certain point, called the out-of-pocket max. There are a few ways that health insurance companies might share the costs with you, such as: deductible, copayment, coinsurance, and the out-of-pocket max. What is the highest deductible you are comfortable with?
Metal tiers are a quick way to categorize plans based on what that split is.
Here's how health insurance plans roughly split the costs, organized by metal tier:
?DON'T Buy the cheapest coverage... you get what you pay for and your total healthcare cost will likely be more with a lot of out of pocket expenses. ?DO Understand the coverage. What is your deductible? When does it apply? Are there copay and coinsurance requirements?
?DON'T Just shop from the coverage options in the Obamacare Marketplace ?DO Ask your friends, neighbors and family members about their health insurance. There are several innovative companies with alternatives to the marketplace plans that may be a better fit.
What type of plan do you need?