How do I find the best insurance plans for my specific needs and budget?
The average monthly cost of health insurance on the ACA marketplace is $365 for individual coverage for a 21-year-old.
A bronze health insurance plan on the Affordable Care Act marketplace costs an average of $373 monthly for a 30-year-old.
The open enrollment period to buy health insurance on HealthCare.gov starts in November and runs through January 15th of each year.
Comparing health insurance plans can be like comparing apples and oranges, as different plans have different features and pricing.
The "metal" categories of health insurance plans (Bronze, Silver, Gold, and Platinum) show how you and your plan share costs, not the quality of care.
You pay a monthly premium to your insurance company even if you don't use medical services, similar to paying rent on an apartment.
Insurance companies can change their rates and coverage each year, so it's essential to review your plan annually.
The Affordable Care Act (ACA) marketplace is not the only place to buy health insurance; you can also buy directly from an insurer.
Short-term health insurance plans are not considered qualified health plans under the ACA and do not provide the same level of coverage.
Insurance companies use actuarial tables to determine premiums based on factors like age, location, and health status.
You can enroll in a health insurance plan outside of the open enrollment period if you experience a qualifying life event, such as losing job-based coverage or getting married.
Insurance companies use a process called "risk adjustment" to adjust premiums based on the health status of their policyholders.
Some health insurance plans have a "deductible" that you must pay before your insurance coverage kicks in, similar to a car insurance deductible.
Insurance companies use "tiered networks" to classify healthcare providers based on cost and quality, which can affect your out-of-pocket costs.
Some health insurance plans offer "telemedicine" benefits, which allow you to consult with a doctor remotely.
You can use online tools, such as Healthcare.gov's plan finder, to compare health insurance plans and prices.
The ACA marketplace offers subsidies to eligible individuals and families to help lower their premium costs.