What to Avoid When Comparing Health Insurance Quotes
Medical care has become one of the most expensive services that you will need to buy in the state of California. The best way to commit to a single insurer is after comparing the health insurance in California quotes available. The advent of technology has made the task of comparing quotes very easy. You can fill in a few details and get your health insurance quote online, in a jiffy.
Health insurance exchange in California has also become more comfortable than before. The Affordable care Act has ensured that you have consumer protection in your corner. You can buy individual health insurance only during the open enrolment program unless the circumstances are exceptional. The era before 2014 saw you purchase individual health insurance at any time of the year. The insurance Act declares that you are mandated to enroll in a health plan. If your current policy does not meet the minimum services in your current project, you will need to change your plan.
Why do you need individual health insurance?
The Covered California Exchange is meant for legal citizens of America. It would help if you bought health insurance that meets the requirement of the legal mandate set by the state. If you do not avail of the same, you might face a stiff penalty.
Individual health insurance is also needed in California in the following circumstances:
- Your employer is not inclined towards adequate group plans.
- You are self-employed and need to buy medical insurance for yourself and your family.
- The group insurance plan that covers you at work but does not help your family.
- Your benefits needs have changed drastically, and you need to buy a new medical insurance plan.
- Your premiums are not affordable, so you might need to downsize the investment in a health insurance plan.
What types of individual and family health insurance plan is available in the market?
The structure of individual health plans is varied. The method determines how much you will end up paying for your medical insurance premium. The ACA mandates that all medical insurance plans must follow simple guidelines. The minimum coverage that is essential under any scheme ensures that all citizens of America cannot be denied within the open enrolment period.
Comparing health insurance plans in California is very easy today. The five major types of plans are divided according to the out of pocket expenses that you are required to make when you need medical treatment. The different healthcare benefit categories are as follows:
- The Platinum plan pays 90% of medical care needs. Your extra expenses are only 10%.
- The Gold Plan is the next category. This plan pays 80% of the bill, and you have to cough up the remaining 20%.
- The Silver plan follows the gold plan. The medical costs are insured for up to 70%, and you have to pay 30% of the total cost.
- The bronze plan pays you 60% of the total cost through your health insurance, and you have to arrange the rest 40% of the medical bills.
- The last category is aptly called the catastrophic plan. These are suitable for individual people under the age of 30 years or who are experiencing extreme financial hardship. The plan pays for less than 50% of the total medical costs incurred by you.
You can choose any of these plans, but you must match it to your current requirements. The Platinum plan is best for you if you need regular medical care. In contrast, the catastrophic plan is the one that only the young ones go for as they generally have no medical issues, or have to be taken by people who cannot afford it.
It will help if you match your needs with the plans available. The questions that you need to ask yourself are as such:
- What the plan covers in totality?
- Which healthcare providers in the network?
- How is the plan structured?
- How much of your medical cost does your plan pay?
- What is the out of the pocket expenses for medical treatment?
It is essential to match your budget to your health insurance. It is crucial that you think not only from the cost angle but also from your specific medical needs. Covered California has made it easier to compare the various plans. Make a smart plan that covers all the contingencies.