3 Questions to Ask Yourself Before Purchasing Health Insurance

Are you thinking about purchasing health insurance before the end of the month?

Are you thinking about purchasing health insurance before the end of the month?

Have you been wondering, where do I even start looking for health insurance?

There is only 1 week left until open enrollment closes and doesn’t reopen again until November 2014. With all the Obamacare ads on TV and the plugs both the President and First Lady have been doing, you may find yourself ready to purchase a health insurance plan.

Before you do, make sure to read through these questions and know what you are actually purchasing.

3 Questions to Ask Before Purchasing Health Insurance

1. How much can you afford to pay?
   Before heading to a broker or the exchange, make sure to have a number in mind that is affordable for you. That number is pre-subsidy so you might end up paying less or purchasing a better health plan with the help of the subsidies.Don’t forget to take into account how much you actually use your health insurance over the past year. This information could directly impact which plan you chose.
2. What all am I paying for?
   It is really easy to look at your monthly premium and think that’s the bottom line. The ugly truth is – it’s not. Your premium is only a part, there is also a:
   
   • Deductible: The plan you chose might have a deductible meaning that there is a certain amount of money that you need to pay before your health insurance plan will start paying.
   • Co-payment: This is a fixed amount of money you pay even for covered services. You pay the money when you get the service.
   • Coinsurance: You pay a pre-determined percentage of health care services. That’s in addition to paying your deductible. When you see a plan that says 80/20, that means after your deductible is met the health insurance company will pay for 80% of the cost and requires you to pay for the remaining 20%.
3. Is HealthCare.gov a safe website to use?
   News reports have described the lack of security that the Healthcare.gov website has. We have all heard story after story that the website isn’t safe, but the government seems to reassure us that it is.

This whole debacle has caused many Americans to turn to an insurance broker instead of the marketplace. An insurance broker has relationships with the insurance companies and can often find really great deals that others cannot.

Summary

This will be an exciting week as open enrollment comes to a close. You have until Monday, March 31, 2014 to purchase health insurance. If you have any questions, give our office a call. We can help you find the best plan for you and your family.

847-397-5300 or toll free 800-317-0181