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Many people get health insurance through their employers. However, if you do not currently participate in your employer’s health plan, or if your employer doesn’t offer coverage, obtaining individual insurance is a good route to go to ensure that you and your family will receive affordable routine health care and will be protected from very high costs in the event of a medical emergency.

With all the different health plans available out there, it can be difficult to select the plan that best meets the needs of you and your family, and, ultimately, your budget. While it can be tempting to pick the plan with the lowest premium, you don’t want to be is surprised by high out-of-pocket costs or network restrictions when seeking medical care. For more information about your coverage options, or for help selecting the best health plan for you, contact The Praesidium Agency, LLC today.

Obtain Insurance in the Individual Market

Obtaining an individual policy can be expensive. Before purchasing, it is important to shop around for the best plan with the lowest premium. In general, a low premium means higher out-of-pocket costs when you need care; a high premium means lower out-of-pocket costs. You’ll also want to make sure you are covered in case of a major medical accident and also for preventive care.

Shop for Coverage Using the Health Insurance Marketplaces

The Health Insurance Marketplaces (also known as Exchanges) are a new way to buy health insurance and apply for Medicaid. Created by the ACA, the Marketplaces are designed to help you easily find health insurance that fits your budget.

Eligible individuals can shop for coverage using the Marketplaces. Qualified health plans in the Marketplaces are sold and run by private companies, and every plan covers a core set of 10 essential health benefits, which include emergency, prescription drug and mental health services. Additionally, all plans offered in the Marketplace must provide free preventive care, with 100% of the costs paid for by insurance companies.

Extended coverage policies are broken down into four categories: bronze, silver, gold and platinum. The category you choose affects how much your premium costs each month and how much you pay for things like hospital visits or prescription medications. Depending on your income, you may even be eligible for an advance payment tax credit that lowers your monthly premium right away.

Under the ACA, no qualified health plan can refuse to cover people with pre-existing conditions. You will have guaranteed coverage and renewability, regardless of a pre-existing condition (like cancer or diabetes), gender, age, etc. There is also a “catastrophic” plan option available to young people and low-income individuals.