FORT COLLINS, COLORADO — With the annual open enrollment period for health insurance now underway, HSA for America is sharing ten essential tips for choosing the right health insurance plan. The enrollment period runs through January 15 in most states, but consumers who want coverage effective January 1 must enroll by December 15 to avoid a one-month gap.
“Choosing the right health plan is a critical decision that impacts both your health and finances,” said Wiley Long III, president and founder of HSA for America. “A knowledgeable health insurance agent can help you understand all the available options, whether it’s a traditional ACA plan or a health sharing solution, so you don’t have to face this decision alone.”
Compare Pricing on the Best HealthShare Plans Available
1. Look Beyond the Premium. While the monthly premium is important, consider factors such as deductibles, copays, the drugs on the plans formulary (list of covered drugs), and the provider network.
2. Take Advantage of Subsidies. The majority of U.S. households qualify for a subsidy to lower the cost of health insurance, making coverage more affordable than many people realize.
3. Consider HSA-Eligible Plans. Health savings accounts (HSAs) allow you to save tax-free for medical expenses. But to make pre-tax contributions, you must enroll in a qualified high-deductible health plan HDHP.
4. Consider Health Sharing Plans. For those who don’t qualify for Affordable Care Act (ACA) subsidies, health sharing can offer substantial savings, often at half the cost of traditional insurance. Health sharing plans provide an affordable option for those who prefer a lower monthly cost.
5. Use Cost Sharing Reductions if Eligible. Cost sharing reductions (CSRs) lower out-of-pocket costs like deductibles and copays for those earning under 250% of the federal poverty line. Silver plans are the only ACA tier eligible for CSRs, providing meaningful savings for qualifying households.
6. Review Plan Deductibles and Copays. Choose a plan with a deductible that aligns with your expected healthcare needs. A higher deductible often means lower premiums, but it’s essential to find a balance that fits your financial situation.
7. Check the Network of Providers. Ensure your preferred doctors and hospitals are covered within the plan’s network. Out-of-network care can lead to significant out-of-pocket expenses.
8. Examine Drug Formularies. For those needing specific medications, reviewing a plan’s drug formulary can help avoid unexpected costs. Different plans cover different medications and may have varying copay levels.
9. Compare Traditional and Health Sharing Options. Health insurance isn’t one-size-fits-all. Many consumers benefit from evaluating both traditional and health sharing options. An agent experienced in both can guide you through choices that fit your budget and healthcare needs.
10. Work with a Licensed Health Insurance Agent. Navigating options alone can be overwhelming. A professional agent offers expertise on plan choices, saving time and ensuring coverage aligns with personal health needs. And it costs nothing: The insurance carrier pays the agent, not you. So there’s no reason not to take advantage of their experience!
To explore ACA plans, subsidies, and health sharing options, visit HSAforAmerica.com or consult with an HSA for America Personal Benefits Manager today.
About HSA for America
HSA for America is dedicated to helping individuals and small businesses find the most cost-effective health insurance and healthcare solutions. Specializing in Health Savings Accounts (HSAs) and alternative healthcare options such as Direct Primary Care (DPC) and healthshare plans, we empower our clients to make informed decisions about their healthcare and maximize their savings.”
Readers can find more information at www.HSAforAmerica.com.
PRESS CONTACT
Wiley Long, III
President, HSA For America
1001-A E. Harmony Rd #519 Fort Collins, CO 80525
800-913-0172
[email protected]
Wiley is President of HSA for America. He believes that consumers should have choice and price transparency, so they can make the best healthcare decisions for their needs. Read more about Wiley on his Bio page.
