Health insurance rates have been a topic of concern for at least the last ten years. The latest surveys show healthcare costs growing for Americans, and these numbers are expected to continue to grow. Costs for a typical family have more than doubled over the past decade. Some have compared the annual cost of healthcare for most families to the cost of a new car or a year’s worth of groceries. While many speculate as to who or what is responsible for these increases, others just want to know: what do I do when health insurance rates skyrocket?
Saving money on health insurance will come down to making smart and informed decisions about what type of care and coverage your family needs. Evaluating which concerns are most pressing, will help you select a plan that fits your family’s personal budget. There are four metal tiers from which you can select—bronze, silver, gold, and platinum. Each plan type has a different premium and therefore pays for a different percentage of your healthcare expenses. You want to base your choice of metal tier on how much you’re willing to pay in premiums versus how much coverage your family needs.
You also have other decision-making power when it comes to your health insurance rates. Familiarizing yourself with the difference between HMOs, PPOs, and even EPOs can help you make cost-saving decisions. Determining what kind of care you desire, such as being able to work with a primary care physician and an in-network set of doctors and hospitals versus wanting the freedom to see specialists or providers outside a given network, can help you balance your costs.
The Affordable Care Act (ACA) is set up to help American families achieve healthcare at a cost they can manage. Low-income families may qualify for cost assistance in the form of a premium tax credit. These Federal subsidies allow you to obtain a tax credit toward your monthly premium, which can be paid either directly to your health insurance provider or claimed on your tax return. Another way the ACA is helping those manage high health insurance rates is to allow the self-employed to take advantage of certain tax deductions. If you are self-employed and were not able to participate in employer-sponsored group coverage, you can deduct all of your health, dental, and long-term care insurance premiums on your income tax return.
Probably the biggest way you can save on health insurance rates is simply to get some help figuring out your options. There are so many plans and insurance companies to choose from, with so many different cost structures, that it’s best not to go it alone. HealthMarkets can help you make the right selections and check to see if you qualify for subsidies or other savings.
Our service is free, and we back our quotes with our Best Price Guarantee*. We combine convenience, choice, and counsel to help make sure you get the best possible protection at the most affordable price. “What to do when health insurance rates skyrocket” is an easy question to answer. Call HealthMarkets at (855) 839-8126 today!