Health insurance is an agreement between you and a health plan that pays for some or all of your medical costs when you need care. There are many ways to get health insurance, including through your employer, private insurance or a government program like Medicare or Medicaid. There are also a number of health insurance marketplaces, like the federal Health Insurance Marketplace and the NY State of Health Marketplace.
In most cases, the best way to get health insurance is through your employer since it’s typically free or nearly free. However, if you’re self-employed or work in the service industry, buying your own coverage may make more sense than relying on a group plan offered by your company.
When choosing the right health insurance, there are several factors you should consider. First, assess your needs. Do you need comprehensive coverage, including doctor visits and hospital stays? Or do you just need a basic plan to cover routine visits and prescription drugs? Once you know your needs, it’s easier to find the right health insurance for you.
You can compare the cost and benefits of different health insurance plans by looking at their metal tiers. These categories are based on how much you and your insurance company share the costs of your care, from Bronze (you’re responsible for 40% of costs) to Platinum (you’re responsible for 10%). Plans in each metal category have monthly costs and out-of-pocket maximums that vary.
A good starting point is Silver plans, which are middle-ground policies in terms of both their monthly cost and medical benefits. These plans tend to be the most popular with New Yorkers. Silver deductibles, the amount you pay before your health plan starts paying, are usually lower than those of Bronze plans. Silver plans are also a good choice for people who want to take advantage of cost-sharing reductions, which help lower your out-of-pocket costs even further.
Premiums are another important consideration. They depend on a variety of factors, such as your age, gender and state of health, as well as how much competition there is in your area. Health insurance companies are also required to abide by the Affordable Care Act, which prohibits them from denying coverage or charging higher premiums for certain types of preexisting conditions.
Lastly, you should look at additional features that health insurance providers offer, such as free preventive care and telehealth services. In addition, you should check if you’re eligible for financial assistance, which can help lower the cost of your health insurance plan.
Health insurance can be complicated, but it’s a must if you want to protect yourself and your family from unexpected medical expenses. GetCoveredNYC can help you understand your options and enroll in the right health insurance for your situation, no matter your income or immigration status. Our experts speak over a dozen languages and are available to support you through the entire process. Contact us today to get started!