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How Do I Choose the Best Health Insurance Option from the Exchanges?

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With the new health insurance options, you may have an easier time finding an insurance plan that you will qualify for. However, you may also have a hard time choosing between the different options available on your state exchange. Not all insurance plans are created equal. There are several things you need to consider when choosing the right plan for you. If you look at each of the plans available through your state exchange, you should find the one that is the least expensive option for you. You need to have a clear understanding on how Obamacare affects people in their twenties, and what will happen if you choose not to get insurance.

1. Look at Your State’s Available Plans

Some of the most affordable private health insurance plans will be offered through your state’s exchanges. Take the time to review the plans you qualify for. You will need to determine what you are going to do before the open enrollment period ends. The state will offer plans that you can qualify for even if you have preexisting medical conditions. This is a great opportunity if you have had a difficult time finding insurance before now.

2. Consider Your Out of Pocket Costs

These costs are the amount that you will pay out of pocket. You should add together the annual premium, the deductible, and the maximum amount costs, as well as considering the co-payment amounts for the different services available. You want to choose the option that gives you the lowest overall cost to you. It is important that you consider worst case scenarios in addition to your overall healthcare costs.

3. Consider Your Health

Another important thing you need to consider is your overall health condition. If you have a chronic health condition, you will be better off choosing a plan that will offer more comprehensive coverage with a lower out-of-pocket cost. If you are relatively healthy and rarely go to the doctor, you may be able to save a lot by choosing a high deductible insurance plan. Your health will help you determine which option is the best one for you.

4. Do Not Forget Other Options

You may want to consider additional options to choose your health insurance. If you are under twenty-six years old, you can still be on your parents’ health insurance plan. This may be a more affordable option. You may also qualify for health insurance through your employer, even if you work part-time. If you are a student in school, they usually offer health insurance plans that you can enroll in. It is important to consider every option that is available to you. This way you know you are getting the best plan available to you.

5. Avoid Hybrid Plans

Some insurance plans are hybrid plans and these are usually a more expensive option. These plans look like high deductible health insurance plans because they have a high deductible. However, they are different because you have to continue paying after you have reached the deductible. This means that you have to pay even more, and you may not qualify for a Health Savings Account with the plan. This option often ends up costing more than either traditional health insurance or a high deductible plan, although the monthly premiums are slightly lower than a traditional plan.

6. Understand Your Plan

It is important to completely understand every aspect of your health insurance plan. This will allow you to take advantage of it. For example, your annual health exams and well-care visits should be covered completely under the new plans. It is also important that you understand when you are in and out of network, and the different costs that are associated with it. You may end up paying out-of-network costs if a doctor at an in-network hospital has an out-of-network doctor on staff.

  1. About.com
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  3. Money in Your 20s
  4. Insuring Yourself
  5. Health Insurance
  6. Choosing Your Health Insurance
  7. How Do I Choose the Best Health Insurance Option from the Health Exchanges?

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