How to Choose Health Insurance Plans According to Your Income

​Choosing health insurance plans can be confusing, but it’s a very wise decision especially if you have chosen a policy that suits your needs. With the uncertainty of the future, getting insurance coverage has become a necessity for every family. Here’s a guide in choosing a health insurance plan according to your income.

Find your marketplace
Some employers offer health insurance plans to their employees. If your employer a health insurance benefit doesn't provide you, shop on the Affordable Care Act marketplace or the federal marketplace so you can find premiums at a lower price. 

You can also buy a health insurance plan through a private exchange or from an insurance company. If you prefer these options, you will not be entitled to premium insurance subsidies, which the discounts given on your monthly premiums will be based on your income.

Compare types of health insurance plans.
When you shop for health insurance, you will encounter many types of plans; these types are PPOs, HMOs, EPOS, or POS plans. The kind of health insurance you are going to choose depends on your income and which doctors to consult.

When you compare health insurance plans, look for its benefits. Marketplaces that can be found online usually show the price near the title of the program. The doctors and clinics that are included in the directory are listed in the plan’s network and should be available. If the employer provides you assistance, ask for your workplace benefits administrator for the list of benefits.

Compare out-of-pocket costs
Any health insurance plan’s list of benefits should clearly describe how much you’re going to pay out-of-pocket for health care services. The website of the federal marketplace offers snapshots of the price for comparison, like what many markets do in other states.

As a health insurance consumer, your portion of insurance costs includes the deductible, coinsurance, and copayments. The total amount you pay in a year is restricted, and the maximum is also involved in your health plan information. Generally, if the premium is lower, your out-of-pocket cost is higher.

Some health insurance plans offer better health coverage for health care services like mental health care or physical therapy, while other health care providers deliver better emergency benefits.

At Insurance Marketplace, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (541) 779-0177. You can also request a free quote by CLICKING HERE.