Tips For Picking Marketplace Health Insurance Plans

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Open Enrollment for Marketplace Health Insurance plans is still open. Here are a few tips to help you anticipate the process.

When choosing a plan, you should consider a few key things, like how many times you visit the doctor each year, the medications you take, and other medical services you know you’ll need. This information will help you pick a plan – and a plan category – based on the total costs of care you expect, not just your monthly premium.

Here are some tips to consider when choosing a plan category:

  • If you expect a lot of doctor visits or need regular prescriptions: You may want a Gold plan or Platinum plan. These plans generally have higher monthly premiums but pay more of your costs when you need care.
  • If you don’t expect to use regular medical services and don’t take regular prescriptions: You may want a Silver, Bronze, or Catastrophic plan. These plans cost you less per month, but pay less of your costs when you need care. You must meet eligibility requirements to purchase a Catastrophic plan.
  • If you qualify for savings on out-of-pocket costs: Most people will need to enroll in a Silver plan if you want to take advantage of these savings. If you qualify for “cost-sharing reductions” based on your income, you can have a lower deductible and pay lower out-of-pocket costs when you get care – but only if you enroll in a Silver plan.

If you’re under 30 or have a hardship exemption and want low monthly premiums: You may want to choose a Catastrophic plan designed to protect you from worst-case scenarios, like serious accidents or diseases. These plans generally have the lowest premiums, but pay the lowest share of health costs.

Need more help. Contact our local Navigators for additional information by CLICKING HERE.

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