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The health insurance industry was radically changed with the passage of the Affordable Care Act. Prior to the passage of this law, a person who had a health condition was typically denied insurance coverage – a financial disaster for families, many of whom were forced to file bankruptcy due to medical bills. It was a monumental change in the health insurance industry when the law came into effect – no one could be denied health insurance due to a preexisting condition.
Another advantage of health insurance is that if you use your insurance, your premiums won’t be affected. However, most health insurance companies do increase rates yearly, but you won’t be targeted due to your state of health.
Many serious diseases, illnesses, or injuries require extensive medical interventions, ongoing care, surgeries, or other expensive treatments. A longer stay in the hospital can lead to hundreds of thousands of dollars in medical bills. Your health insurance could not be more important in these situations. Insurance companies can no longer put a yearly dollar limit on what is paid out for your care. Before the passage of the law, people with health insurance would be forced to pay any amount that exceeded the limits imposed by the health insurance company, but no more.
Your health insurance policy has three facets that will affect your wallet:
You have many options, including plans in four categories: Bronze, Silver, Gold, and Platinum. The types of plans can include:
Choosing a health insurance plan that suits your budget can be far more difficult than expected. The information found on state or federal websites could make your head spin! Rather than wading through information that is difficult to understand, buying a policy and then being shocked by the cost of premiums or the amount you owe in copays, work closely with a local agent who can help choose the best policy for your budget, which doesn’t come with surprises.
Filed Under: Health Insurance | Tagged With: Health Insurance