A budget-friendly health insurance plan could be difficult to locate. To safeguard yourself and your loved ones, here are the steps to enroll in a health insurance plan.
What Kinds of Insurance Are Offered?
The four main categories of health insurance coverage are those offered by private companies or individuals, by employers, by Medicare, and by Medicaid.
The Kaiser Family Foundation reports that 56% of private sector workers have health insurance through their employer.
With the passage of the Affordable Care Act (ACA) in 2014, more and more people are opting for private health insurance instead of their employer’s plan.
A health insurance marketplace, made possible by the ACA, allows people to research and compare local health plans.
People who purchase health insurance through the Affordable Care Act marketplace at Healthcare.gov can also take advantage of premium tax credits and cost-saving subsidies, which were established by the law.
Read: Understanding the Cost of Health Insurance: How Much is Health Insurance?
Health coverage offered by a company
A health plan that your company selects and pays for in large part is known as employer-sponsored group health insurance.
Your dependents, who typically include your spouse and children, are also eligible for or offered these insurance.
You have some say in the plans that are available to you and your employer pays most of your health insurance premiums.
The premiums that employees pay are usually deducted from their paychecks before taxes are calculated, reducing their taxable income.
Health coverage for individuals
You can get health coverage for yourself and your loved ones through an individual policy. Health insurance companies or the Affordable Care Act’s marketplace both offer individual health policies.
Health insurance with the features you desire, including coverage of your preferred doctors and hospitals, can be yours with one of these plans.
You are free to switch jobs whenever you want without worrying about losing your health insurance because your company isn’t paying for it. Any health insurance policies or alternatives can be renewed or changed once a year.
Read: What You Need to Know About Travel Insurance Before Your Next International Trip
Medicare
Individuals under the age of 65 who are disabled, have end-stage renal disease, amyotrophic lateral sclerosis (ALS), or who are 65 or older can get health coverage under the federal program known as Medicare.
Medicaid
Everyone from low-income families to pregnant women, toddlers, those with disabilities, and the elderly can get health coverage through Medicaid, a program jointly operated by the federal government and individual states.
Medicaid and Medicare could both cover you. For more information and to apply, go to medicare.gov or medicaid.gov if you believe you qualify for one of these programs.
