How to Compare Options in the Family Health Insurance Marketplaces
Individual health insurance plans are the fastest growing type of U.S. health insurance. While employers still see the monetary and time-costs of providing health insurance to their employees, they also realize the tremendous benefits in terms of employee health insurance as employers can see the direct benefit of health insurance for an employee per month. As an employer, you still need to provide a health insurance plan. You just need to look at it in a different light. As an employer, you are looking for ways to reduce costs and improve employee productivity so health insurance is not just something you give your employees, you provide it to your best employees at the lowest cost possible.
There are many types of health insurance policies available. You have the individual health insurance plans, family health insurance plans, HMOs (Health Maintenance Organizations), PPOs (Preferred Provider Organizations) and POSs (Point of Service plans). The difference between these plans is just the provider network. The following are the types of coverage provided by each type of health insurance policy. Compare the different types of coverage and select the one that provides the greatest benefit to you at the lowest cost:
There are a number of ways you can get affordable health insurance policies. The easiest way to find the cheapest plan is to go directly to the state marketplace where you have the opportunity to choose from the plans offered by private, government and nonprofit organizations. Each state has several health insurance plans available to choose from. In the state marketplace, you have the ability to get quotes from a variety of health insurance companies. This gives you the opportunity to compare quotes to get the cheapest health insurance premiums for your particular situation.
The second option for finding the cheapest medical insurance is to use an online quote comparison service. Many health insurance providers offer a free online quote to potential clients with specified household income. If your household income is above the federal poverty line, you may qualify for federal assistance to reduce your medical insurance costs.
The third option is to enroll in Medicaid and have both your premiums and deductible paid by the federal poverty level for your state. Medicaid offers a variety of plans including the Medicare prescription drug benefit. One drawback is that a person with disabilities will not be eligible to receive this benefit. However, this disadvantage is offset by the monthly payments that are less than those for the Medicare Part B and D programs.
The fourth option is to look at short-term plans or catastrophic coverage. Short-term plans are usually temporary and provide coverage only until you reach the age of 55. During this time period, a person can get short-term health insurance plans at a discounted rate. The premiums for this type of plan are less than that of a person who stays on their family’s health insurance plan for the entire course of their life.
The fifth and final option is to apply for Medicare supplement insurance to replace any federal Medicaid or Medicare coverage that is not selected. The average monthly premium for this option is more than that of the other three options but is still less than the cost of buying a private health insurance policy. Supplement insurance offers a wide range of coverage for a variety of diseases and conditions. Most people can qualify for Medicare supplement insurance to help them pay the costs of medications that they need for health related issues.
Each family coverage option has different premiums and different benefits. The best way to compare your options in the health insurance marketplace is to contact an agent who can explain each of your options in detail. With the information provided, you will be able to compare premiums and benefits so that you can choose the option that is right for you.