Should You Use an Exchange?
An exchange is a health insurance marketplace run by the government. This is designed for those who are not offered any insurance through their job, for those who do not qualify for Medicare or Medicaid, and those who are over 26 and not on their parents’ insurance. Exchanges help you to browse and buy the plan of your choice online.
Types of Plans
- Health Maintenance Organization (HMO)
This is a limited network of doctors and facilities that may be restricted by geographic area and usually offers no coverage for out-of-network providers. You choose a primary care physician (PCP).
- Preferred Provider Organization (PPO)
A PPO has a broader network of doctors and facilities to choose from, plus limited coverage for out-of-network providers.
- Exclusive Provider Organization (EPO)
This is a more limited type of PPO, although there is only coverage for out-of-network providers during an emergency.
- Point of Service (POS)
This is a mix of HMO and PPO in which a broad network of doctors are available.
- Bronze, Silver, Gold, and Platinum Plans
Scaling from cheap monthly payments and higher deductibles in the Bronze tier, to a costly premium wit reachable medical coverage. As a rule of thumb, the higher your out-of-pocket payments, the less you pay in your monthly premium. However, don’t let money rule your need for proper medical coverage.
The ideal plan for you will depend on your health and medical needs, along with the limit of your budget. Ideally, spend some time determining your needs by checking your doctors’ networks, and comparing plan costs. Don’t forget to factor in bigger expenses for down the road, such as the birth of a baby or braces for your child.
When it comes to finding the most suitable health insurance plan for you, contact Sackett & Associates Insurance Services, located in Sonoma County, CA. .