It can be overwhelming with all the healthcare options that are available on the Marketplace to find an insurance plan that works for you, especially if you aren’t sure why you need health insurance in the first place. You’re ‘healthy’, right?
To help make your search for the best health care plan as stress-free as possible, here is a guide on everything you need to know about WHY you need health insurance. Then, we share how to choose the best plan for you.
What is Health Insurance?
Health insurance helps cover medical expenses that you might incur due to an illness, injury, disease, or preventative care.
If you are insured and you need to undergo a surgery, medical procedure, or purchase prescriptions then your health insurance will help cover the costs associated with these doctor or hospital visits.
There are several reasons why you may need health insurance including:
Financial Protection During Health Emergencies
Even if you have no history of illness, medical emergencies can occur when we least expect them to. Needing sudden emergency care or surgery can bankrupt you making health insurance a must. Paying your monthly health insurance premiums sure beats the alternative of going into deep medical debt.
Even the most careful people need regular checkups and are at risk of injury due to an accident. And let’s not forget unforeseeable emergencies that can arise such as a sudden appendectomy, having a stroke, or being diagnosed with cancer.
Care for medical emergencies can cost thousands of dollars out-of-pocket if you don’t have insurance and need ongoing physical therapy, surgery, or long-term care.
Don’t take regular health screenings and checkups for granted. By not carrying health insurance, you could be missing out on finding or diagnosing minor health issues before they become bigger ones. Your health is simply not a place to save money.
Preventative care is covered in all ACA healthcare plans and helps insureds avoid expensive hospital stays or other complications related to minor health issues.
Sadly,care for medical emergencies can cost thousandsof dollars out-of-pocket without insurance.
Rising Costs of Care and Medicines
Health care and medicine costs continue to rise, which is why it is so important to carry health coverage. Without health insurance, you might find that the medicine that you need to keep your chronic condition in check has a high price that is out of your price range.
If you were insured though, you may find a co-pay that is a fraction of what you might have otherwise paid for your doctor’s visits or prescription medications.
If you don’t currently carry insurance or need help finding the right plan for you during Open Enrollment Nov 1st-Dec 15th, our agents at McKnight & McKnight are ready to help! Schedule your phone appointment today!
Types of Health Insurance
Individual health insurance plans are also known as “single-payer” plans where you purchase your insurance plan independently from the insurance marketplace. This means that you are not receiving coverage from your employer or another group.
These plans tend to be slightly more expensive than group insurance and may cover limited services.
Scope of Coverage
Before the Affordable Care Act (ACA) was passed, insurers were able to deny individuals based on preexisting medical conditions from buying new coverage outside of high-risk coverage options. Today, everyone has equal opportunity and access to insurance regardless of preexisting medical conditions.
The Affordable Care Act requires all insurers on the Marketplace to offer essential benefits including:
Hospitalization for overnight stays or surgery
Pregnancy, newborn, and maternity care before and after birth
Mental health and substance abuse treatment
Prescription drug coverage
Rehabilitation services or devices for those who have injuries, disabilities, or chronic conditions
Laboratory services and testing
Preventative care and screening
Additional benefits may include:
Birth control coverage
Group plans are insurance plans that are provided to you by your employer, a government agency, or worker’s union. These plans are generally more affordable than individual plans because the group provider covers most, if not all the premium.
Also, if you are part of a group insurance plan, your covered services are likely more comprehensive and may include maternity care, prescription drug coverage, and hospitalization.
Keep in mind, while the ACA requires group insurance plans to cover free preventative care, some plans that existed before the ACA have been grandfathered in meaning that they may not fully meet the ACA’s guidelines.
Health Insurance Open Enrollment 2022
Getting health insurance for you and your family shouldn’t be something that you delay any longer. Due to the risks of medical emergencies and the rising costs of healthcare and medicine, the pros of getting health insurance certainly outweigh any cons.
Finding the perfect health insurance plan for your unique situation doesn’t need to be difficult either. Reach out to our team at McKnight & McKnight Insurance to see what your best options for healthcare coverage are for 2022.