Most of us don’t like to think about ending up in a hospital for an emergency or being diagnosed with a chronic or serious condition, but the truth is, it can and will happen sometime in our lifetime. Without health insurance you will be responsible for 100% of all costs. The average emergency room cost for just walking in can start at $1,233.00 and that does not include tests and physician fees. The average cost for a 3-day stay in a hospital starts at $30,000 and that does not include the doctor’s fees.

Everyone has a responsibility to have health insurance. One of the fundamental facts associated with the high cost of healthcare is that the providers (hospitals and physicians) are not able to collect their fees from the uninsured. Not to mention, unpaid healthcare costs could impact your credit score.

With the implementation of the ACA (Affordable Care Act) in 2014, no one can be denied health insurance.

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Types of health insurance

• Individual and Family

  For those who are aging out of their parents insurance at age 26, self-employed, dependents of a group plan employee, and those who do not have access to a group health plan.

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• Group

  For Small and Large businesses offering employees health insurance benefits.

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• Medicare

  (Medicare Supplements , Medicare Advantage and Part D)

  For those individuals 65 years of age and the disabled. See more here. Some of these may also offer supplemental Dental, Vision, Chiropractic and Life Insurance.

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Enrollment Periods

There are specific times where you are able to apply or change health insurance plans

• Individual and Family

  Open enrollment runs from November 1st to December 15th, with coverage beginning the 1st of January in the following year. Outside of open enrollment, you must have a qualifying event.

• Group

  Open enrollment normally takes place the month prior to the renewal date of the business’ group health policy. New businesses can enroll in a new health plan at anytime during the year.

• Medicare

  Open enrollment runs from October 15th to December 7th each year. This enrollment period is for those who wish to switch their plan. Another open enrollment period is for those turning 65, you can start the application process 3 months prior to your 65th birthday! There are many others, which our Certified Medicare Advisor, Nanette Adkison, can assist with!

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Questions to consider when choosing a health plan –

1. What is your monthly budget for the premium payment?

2. How often do you seek medical care?

3. What Networks/Plans will your providers accept?

4. What Hospitals do you want to be able to use?

5. Do you take medications?

We are here to educate, empower and guide. We understand the plans, the market, and the laws associated with health insurance, and will continue to stay up-to-date with the industry. We will assist in evaluating options such as balancing benefits and costs, the choice of providers, the quality of the insurance company.

 

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