Understanding Health Insurance: For most Americans, the process of choosing and buying health insurance is about as exciting as a trip to the DMV, and twice as complicated. But understanding health insurance plans is a surefire way to save a lot of time and money.

1.) Health Insurance Premiums are Changing All the Time

Like it or not, your monthly premium is going to change, sometimes every year. The best way to keep costs down is to re-evaluate your plan on an annual basis. You could find a comparable plan that is more affordable; Your Personal Benefits Manager can help.

2.) It’s Not Cheaper to Go Without Health Insurance

A lot of people don’t think they can afford health insurance, especially these days. However, considering that an average 3-night hospital stay costs around $30,000, the costs of not having insurance can be devastating.

3.) Accident Plans can Protect You from Emergencies

If you simply can’t afford health insurance, Accident Plans can provide base-level protection for worst-case scenarios. These low-cost standalone insurance plans are as low as $20 or $30 per month, and aren’t subject to enrollment periods.

4.) Know Your Network

All insurance plans have a network of providers that you can use. These doctors, hospitals, and labs will give you the best rates, while going ‘out-of-network’ can lead to steeper out-of-pocket costs.

5.) Mental Health Services are Always Available

All marketplace health insurance plans cover mental health and substance abuse services. This includes treatments like psychotherapy, counseling, and behavioral treatments.

6.) Some Services Cost You Nothing

Marketplace plans provide for some 100% free services, pre-deductible. This includes:

• Annual physicals
• Well-child visits
• Most vaccines
• Some preventive screening

7.) Know Your ‘Formulary’

The ‘formulary’ is a list of which prescription drugs are covered under your plan. Your specific plan will determine how much you’re paying for medications.

8.) Dental Plans are More Affordable Than You Think

If your plan doesn’t have dental coverage, you can add a dental plan for a small monthly cost.

9.) HSAs are an Essential Retirement Tool

Health Savings Accounts, or HSAs, can help you save pre-tax money to use on medical expenses. This doesn’t just protect you from unexpected health costs, but it also serves as a tax-advantaged retirement vehicle that can boost your savings.

10.) You Kids Can Stay on Your Plan Until They’re 26

Even if your children are not living at home, they can stay on your insurance plan until they turn 26.

11.) Ask Yourself: Can I Afford My Deductible?

Take a look at your plan’s annual deductible. Is this a cost you would be able to afford if you got sick or injured? If your deductible is too high, you might need to switch to a different plan.

12.) Pay Attention to Enrollment Dates

The only time to sign up for health insurance is during Open Enrollment. In most states, this is usually from November 1st to December 15th, for plans going into effect the 1st day of the following year.

13.) Health Insurance is Not the Only Option [Healthshare Plans]

With healthcare cost sharing, Americans have a new, legal route to affordable healthcare. These programs are not insurance, but rather a way for communities to share the cost of medical expenses.

Make The Switch