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Things To Know Before You Pick a Plan During Open Enrollment Period (OEP)

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Written by: Benavest

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ACA

November 12, 2020

Before you apply for Marketplace Health insurance starting November 1, there are several things to consider that’ll help you choose a plan that is right for you. Study up on these topics to get the best plan!

 

The for metal categories

 

  • There are four categories of health insurance plans and they are: bronze, Silver, Gold, and Platinum
  • These categories have nothing to do with the quality of the care you will be receiving.
  • These levels represent the ratios that you will pay out of pocket for medical expenses vs how much your insurer will pay

 

Health insurance plans and network types

 

  • Some Marketplace plans are designated to meet different needs. Some plans restrict your provider choices or encourage you to get care from the plans network, while others will pay a greater share when you use providers outside the plan’s network.

 

Total health care costs

 

  • Consider your total health care costs. The monthly premium is not the only thing you should look at. There are deductibles, copayments, and coinsurances that you should factor in to what you will pay for health care and your premium in a year. 
  • Knowing this will allow you to choose the right plan that covers the most of your needs.
  • If you are someone with a pre existing medical condition and do not qualify for subsidies it may be better to look into the higher metal tiers to reduce what you pay out of pocket.

 

Reference: https://www.healthcare.gov/

 

For more information about health insurance plans visit Benavest.com

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