Selecting the right health insurance for your personal situation is one of the most important decisions you’ll ever make. It can be perfectly natural to feel nervous — or even overwhelmed — by all the choices that are out there. Here are 10 factors that you should understand about the quotes you receive during enrollment. They come into play when determining your quote — and the coverage you receive.
If you have questions about navigating enrollment and understanding your health insurance quote, contact us today!
Why Is My Age Important in Health Insurance Quotes?
Age is one of the few factors that health insurers can use to help determine the cost of your quote. In general, older individuals have higher costs than younger people. This is because older individuals often require more medical services and treatments.
What Does My Location Have to Do With My Health Insurance Quote?
Entering your address when you’re seeking a health insurance quote is more than just data gathering. Your location is used to determine your premium. Prices can vary from place to place, especially when competition in the market, state and local regulations, and the cost of living come into play.
Do I Really Need to Disclose Whether I Smoke?
It’s important to be truthful during enrollment when you’re asked whether you smoke. Failing to do so can expose you to the risk of insurance fraud. If you are a smoker, your premiums can be as much as 50 percent higher than those of non-smokers.
Why Is Family Enrollment More Expensive Than Individual Coverage?
Simply put, enrolling your spouse or dependents results in a pricier health insurance quote because it costs more to cover more individuals.
Why Is There Such a Range of Prices in My Health Insurance Quote?
You may notice a wide range of prices in your premiums in your health insurance quote. That’s because there are five different types of plan categories. They include:
- Bronze: A bronze category plan often has the lowest monthly premium — but the highest costs when you do require care from your doctor. This is a good plan if you’re looking to protect yourself in the case of medical emergencies but want a budget-friendly monthly payment.
- Silver: A silver-level insurance plan balances a moderate monthly premium with moderate costs for care. This plan could qualify you for extra savings if you are eligible, saving money to have more of your regular care covered.
- Gold: The gold category of health insurance features higher monthly premiums in exchange for lower out-of-pocket costs for necessary care. If you go to the doctor often and require more treatments, this plan could save you money in the long run.
- Platinum: Platinum plans have the highest premiums and the lowest costs for care. With low deductibles, the plan will start paying for care earlier than other choices of coverage. This is a good choice for individuals who plan to receive a lot of medical care and treatments throughout the year.
- Catastrophic: The catastrophic category is a special plan for individuals who qualify. It offers some of the lowest premiums available, but it has higher out-of-pocket costs for care. It’s in place in case of health-related emergencies.
Why Is the Premium So High in My Quote?
The cost of your premium has to do with the category of the plan you choose. In general, higher monthly premiums have lower out-of-pocket costs — and vice versa. Choose the type of plan that makes the most sense for your budget and your health needs.
What Kinds of Out-of-Pocket Expenses Can I Expect?
Out-of-pocket expenses include what you pay for the care you receive prior to meeting your deductible for the year. These include doctors’ appointments, medications, medical procedures and other costs.
How Do I Know Whether My Prescription Is Covered?
Your individual prescriptions are almost always covered in your insurance. The amount of your co-pay depends on your provider, the pharmacy and whether your medication may have an off-brand alternative.
Can I Keep Seeing My Doctor With a New Health Insurance Plan?
When you’re completing benefits enrollment, you will often have an opportunity to see whether your particular doctor is in the network. An overwhelming majority of health providers participate in ClearChain’s health insurance plan.
How Do I Know Which Health Insurance Quote Is Right for Me?
Don’t be afraid to shop around when choosing your health insurance. The first quote you receive doesn’t have to be the last one in determining your coverage. Remember to consider the kinds of treatments you expect to need over the course of the next year along with any existing plans you and your doctor have previously discussed. Make sure you can afford your monthly premiums, but don’t forget to estimate the costs of care you’ll receive prior to meeting a deductible.
If you have questions about the best health insurance quote for your particular situation, give us a call — we can help!