With an increasing number of Americans assuming a greater share of their health care costs, getting the most value for your health insurance dollars is more critical than ever.
Four factors come into play when determining the value of a policy: the cost of the annual premium, the type of benefits offered, the out-of-pocket expenses and your eligibility for tax credits and subsidies in the new health insurance marketplaces created by the Affordable Care Act.
Health Care Needs
To find the best value, experts advise consumers to begin by assessing their health care needs. Do you have a chronic illness that calls for frequent doctor visits and multiple medications? Do you have a child with special needs who requires ongoing therapy? It’s important to get the health plan that works best for you and your family.
Unlike in the past, consumers are now “guaranteed to get a health insurance plan that has real value” because insurers must cover yearly wellness visits, health screenings and other essential health benefits.
Even “catastrophic” health plans – available to people under age 30 and to some individuals with limited incomes – provide value by protecting you from worst-case scenarios. Although catastrophic plans come with lower premiums and higher out-of-pocket costs, they still cover essential health benefits, including three primary care visits per year and preventive services such as annual wellness visits, immunizations and certain health screenings at no additional cost.
Prevention Can Save You
Experts advise consumers to take advantage of the wellness and preventive services – from annual checkups and childhood vaccinations to cancer screenings and more – that are now available at no extra cost since passage of the Affordable Care Act.
Staying healthy is one of the really good ways to save your health care dollars. It’s better to get an immunization than to be hospitalized with the flu – it’s both smart from the perspective of dollars and cents and smart from the perspective of your health.
Liberty Run Benefits Can Help
Liberty Run Benefits has been providing solutions since 2006 helping clients plan, arrange, and manage employee benefits. We provide consultations in all benefit related areas for both individuals and groups. Click Request a Quote for a representative to contact you.