The Affordable Care Act (ACA) has literally made health care more affordable to citizens of the United States. It started to take effect in the end of 2013, and has since then prompted more Americans to purchase health insurance – some of them for the first time.
Whether you’re new to all this and still choosing from health insurance companies or someone who intends to switch providers, use these 9 tips in choosing the best health insurance company.
1. Find the cheapest provider for your health care needs.
Affordable Care Act (ACA) plans include free preventive visits but it will not spare you from co-pays, co-insurance costs, and other premiums. These don’t seem much at first but they can add up and put you in debt or worse – push you to bankruptcy.
According to the Commonwealth Fund, 41 percent of working-age adults who were underinsured or not getting the health insurance coverage they needed, either had problems paying their medical bills or were paying medical debts accrued from the previous year. In a separate study, Harvard found that half of all bankruptcies in the United States were caused by medical payables and that three quarters of them had health insurance when they got sick or injured.
You see, a health insurance does not guarantee that you won’t be paying off medical bills from last year, acquire medical-related debts, or that you will become bankrupt. What you can do is avoid extra costs which may eventually add up and put you in debt or bankruptcy. Compare health insurance companies, the plans they offer, and their out-of-pocket fees. Consider your budget and how much you are willing to pay in monthly premiums, as well as your health needs to determine additional out-of-pocket costs. You can save thousands of dollars every year through this strategy, and use them to pay for emergency medical costs.