It’s hard to find a lot of definitive information about health care insurance these days. There are a lot of unknowns. People have questions and all the answers seem to be tentative or conditional on a specific scenario. One of the big questions, since everyone must have health insurance now is, “ Which is better for me a private health plan or a plan offered through the affordable care act?” Well, when it comes to that question we can positively, absolutely without a doubt tell you…if the shoe fits wear it. It all depends on who you are and your circumstances. You know more about your needs than anyone. It is important to remember that one plan does not fit all when it comes to health care insurance. But we can share some information and help you evaluate what you should do based on your needs and what might be best for you and your family.
Perhaps the best place to start is to focus on coverage and price. The Affordable Care Act plans are available through the marketplace or exchanges and offer coverage on different levels — from bronze, the less expensive, to silver, gold and platinum, the more expensive. Each level pays a different percentage of your medical expense. Bronze plans pay roughly 60 percent of the cost, Silver 70 percent, Gold 80 percent, Platinum 90 percent. The greater your benefits, the greater the cost of the insurance will be. So just like traditional insurance The Affordable Care Act will pay a percentage of your medical expense. Accordingly, if you have a condition that requires a great deal of medical care, you might want to select a Gold or Platinum level as it will mean less out of pocket. All of the plans on the exchanges will be required to cover a list of essential services, from maternity care to mental health care.
However, you do not have to go through the insurance marketplace. You can contact Einsurance.com and buy your policy directly from a company. That way you can buy the coverage that is specific to you and your needs. A private health policy may or may not cover these conditions or essential services but than again many of you may not need them. A private policy lets you get and pay for the specific coverage you need but does require minimum standards to have been met.
Now let’s consider cost. The Affordable Health Care Act provides some policyholders discounts on the cost of their insurance based on their income. The discounts are delivered in the form of tax credits. So if you are a lower or middle-income person you may qualify for these discounts if you get your insurance through the exchanges. If you buy a private policy, the tax credits are not available. But believe it or not, private insurance could be cheaper than what is offered through the marketplace or exchanges; it all depends on your situation. Thankfully, there is an online subsidy calculator (here) that can help you determine if you are eligible for the tax credits, and if you are, the amount of your discounts.
Getting an insurance quote is easy and only takes a few steps. If you don’t already have insurance through your employer or a government program here are some steps to take.
1. Use the calculator (here) and determine if you are eligible for any discounts through the exchanges.
2. Determine what your health care needs might be. This will help you decide what percentage of cost you want an insurance company to pay. Do you have current medical conditions that require care?
3. Visit Einsurance.com to determine what level of coverage and cost would work best.
4. Fill out the short form to receive health insurance quotes.
5. Compare and choose the insurance that is best for you. Apply Now!
These steps will help you figure out if insurance through The Affordable Health Care Act is right for you. Like any financial decisions, ask questions, read and don’t believe what you hear from crazy Uncle Harold. Take an active role in evaluating your options. No one knows your needs and situation better than you. The more you know, the better the decisions you can make. The Affordable Health Care Act is affecting health care in many ways but it has not changed the need for you to be well informed. Your footprint is unique and so are your health insurance needs.