Health Insurance
Overview
- Health insurance is healthcare benefit protection where individuals pay monthly premiums to an insurer that covers part of their medical costs. It’s both a financial safety net and a legal agreement outlining coverage, costs, and access to services.
Eligibility
- You must be a U.S. citizen or legal resident.
- Lower-income individuals may qualify for Medicaid; eligibility varies by state.
- Many employers offer health insurance to full-time employees.
- Health Insurance Marketplace Plans, through the Affordable Care Act, with subsidies available based on income.
- Individual and family plans are available, with coverage for children and young adults up to age 26 on their parent’s plan.
- Individuals with specific disabilities or conditions could be eligible for Medicare and/or Medicaid.
- Veterans and other groups may have access to specialized programs.
Plan Options
- The Affordable Care Act (ACA, also Obamacare) Health Insurance Marketplace plan enrollment is usually during the annual Open Enrollment Period or after Qualifying Life Events (QLEs) like marriage or loss of other coverage.
- Check Eligibility: Assess if you qualify based on income, employment, and residency.
- Select a Plan: Choose between individual or family coverage.
- View Options: Visit Healthcare.com to explore plans and see if you qualify for subsidies.
- Enroll During Open Enrollment: Typically from November 1st to January 15th annually. Outside this period, you need a QLE for a Special Enrollment Period.
- Overwhelmed or unsure about your decision? You can always talk to a licensed insurance agent to go over your budget and health needs.
- Short-Term Medical is a temporary medical insurance plan that provides important coverage to help protect you from unexpected medical bills.
- Medicare is a federal healthcare program for 65 and older individuals as well as those who are under 65 with specific disabilities or conditions.
- Medicaid and Children’s Health Insurance Program (CHIP): Apply any time during the year if eligible, through your state’s Medicaid agency or the Marketplace.
Plan Costs
Health insurance costs involve:
- Premiums: Monthly payments for coverage.
- Deductibles: Out-of-pocket costs before coverage starts.
- Copays: Fixed charges for services.
- Coinsurance: Shared costs after deductibles are met.