Buying a health insurance plan may seem like a daunting task because the terminologies look intimidating, and the insurance plans can leave you confused.
However, sit back and relax. This article will guide about the things that you need to know when buying affordable health insurance in NY:
Think About Your Options during Open Enrollment
It is recommended that you think about your options during the current enrollment period even if you are already covered. If you are not doing this, you are at a risk of being with your current health plan for a long time. Other than this, if you do not review your option, there are high chances you’ll be left uninsured for the rest of the year.
Your Health Plan Should Cover the Doctors You Like
One thing that you need to check before enrolling is that whether your doctor is accepting the coverage you have. The reason is that you will end up paying significantly more if you go to a doctor who is outside your plan network. In order to overcome any problems, you should call the doctor’s office to confirm that they are in your provider network or ask the insurance carrier about the details.
Be Sure That Your Plan Is Meeting With Your Requirements
Another thing that you need to pay attention to is that whether your plan is covering all your requirements. If that is not the case, you might have to pay a tax penalty when filing for tax returns.
Look For Options outside Government Exchanges
Many people opt for government run exchange, but you should know that it is not your best option; especially if you meet the eligibility requirements of getting a subsidy. There are a lot of marketplaces that are currently offering a diverse range of coverage choices that will enhance your shopping experience. If you want to explore your choices, look into the licensed health insurance marketplace.
Learn How Government Subsidies Work
Subsidies can help you out if you are earning less than 400% of the federal poverty level. You should know that your subsidy for a given year is based on your annual income of that year. If you are earning more than what was expected from you in that given year, you may have to pay some of it or the entire subsidy.
Use Short Term Health Insurance to Fill the Coverage Gaps
The new plan that you opt for during open enrollment does not begin for six weeks. This does not mean that you won’t be covered during that time but it will limit your access to medical expenses as you will wait for your medical plan to start.