- Posted by Canopy
- On December 4, 2014
- 0 Comments
- choose the right plan, healthcare.gov, kansas city, premiums
Wondering how to choose the right Healthcare.gov plans? Finding the right health insurance plan can be overwhelming. There are many plan choices and often times, buyers don’t always know how to get the most for their money when choosing a health insurance plan. As we always advise people, you should first get help. Our company contracts with hundreds of health insurance agents in Kansas City and the surrounding areas and we also have over 100 health insurance agents in Overland Park at our disposal. Point is, there is lots of health insurance help in Kansas City so make your first priority finding a licensed agent to help you.
So how you determine which plan is right for you? It’s fairly simple. Buying any type of insurance is about risk mitigation so the first step you have to decide is how much “risk” you are willing to accept. With health insurance, the out of pocket expenses entailed in your plan represent your risk and your premium will be lower if you’re willing to take on higher out of pocket expense. Duh, right? But who wants a health insurance plan with high out of pocket expenses and very little initial benefit? The easy answer is “no one.” But the correct answer is that personal usage info and claims frequency should ALWAYS be the main drivers behind determining the right plan for an individual.
Selecting your Healthcare.gov Plan
Health insurance plans have benefits we’re all familiar with and most buyers focus on three specific benefits – what is the deductible, what does it cost to see the doctor and what does it cost when I need a prescription. When we speak to buyers, those are the questions we get. And those are good questions, but the real question is how much does someone use those specific benefits? In other words, if you go to the doctor more than a couple times per year, buying a plan with copays for doctor visits isn’t necessarily recommended as plans with a copay benefit carry a higher premium. The same can be said of prescription benefits as a prescription copay benefit is one of the biggest drivers of premium on any plans. So if you are someone that doesn’t take any prescriptions or takes all low cost, generic medication, it doesn’t really make sense to buy a plan with a prescription drug copay benefit.
The natural instinct for most people is to be naturally drawn to plans they’re used to or familiar with and before Obamacare was implemented, most people had health insurance plans with copay benefits. However, the implementation of Obamacare has created an environment of higher premiums for much of the population, especially those who are young and healthy. That’s why its imperative to look at health insurance from the perspective of what you NEED and not what you’d like to have. If you’re relatively healthy and have a low frequency of claims, look at the plans with higher out of pocket expenses to find your best value. Keep in mind, health insurance is really there to provide financial protection in case of a catastrophic health event. By the same token, if you’re someone with health conditions and higher claims frequency, pay close attention to what benefits you will use in a plan and buy accordingly. And be sure to note that healthcare.gov plans in Kansas City will vary in benefit and network from the plans you can purchase away from healthcare.gov, so be sure to check out all of your options, especially if you don’t qualify for a subsidy. To learn more about who should buy healthcare.gov plans in Kansas City, read this blog and be sure to download our FREE Health Insurance Buyer’s Guide!