If You're Confused by Health Insurance, This New Resource Makes It Easier to Figure Out Your Options
ith so many changes going in the health insurance world—and I'm totally a part of this, as I just got a letter from my provider with the info that my coverage will shutter in January—it can be...well, a little confusing.
But knowledge is power, right? That's why Gravie exists—to help you navigate the health insurance options that are affordable and available (and right) for you. Abir Sen, cofounder and CEO of Gravie, has these tips for us all:
"Insurance independence is possible—and easier than you thought!" he says. "It's that time of year when people have to go through the grueling process of choosing health insurance for the next year. Time and again, consumers tell us that this process is one of the biggest headaches they have in dealing with the health care system. But here's the good news...there are free resources and tools available to help consumers through this process.
Don't overinsure. "Your goal should be to obtain insurance coverage that adequately meets the needs of you and your family, while avoiding paying too much and “overinsuring," he says.
Anticipate your budget. "The main trade-off you'll need to make when choosing a plan is the following: Should I pay less on a monthly basis (i.e., buy a plan with lower premium) and then have to pay more money before insurance benefits kicks in (i.e., meet a higher deductible)? Or should I pay more on a monthly basis and then if I need care the insurance benefits will kick in right away (or after a smaller deductible is met)? Sometimes increasing the deductible by a few hundred dollars can have a significant impact on your monthly cost. If you do choose a higher deductible, however, you need to ensure that you will have the means to pay out-of-pocket up to the amount of the deductible in case you need care."
Include pediatric dental coverage. "If you have a child, know that pediatric dental is not always included as part of the benefits. Check to make sure that the plan you are choosing includes pediatric dental."
Understand your options. "Many insurance companies are offering what they call a 'narrow network' option. Basically, by voluntarily agreeing to only go to a specific set of doctors and hospitals, you will get a discount on the cost of your insurance. If you really like your current doctor and he/she happens to be in this narrow network, consider yourself lucky! The narrow network option may seem attractive if you are looking to save money—but be careful, you may have to pay a lot out-of-pocket to see a doctor or hospital that is not in this network."
Consider a health savings account (HSA)."This is money you will set aside on a pre-tax basis to cover your out of pocket healthcare expenses, such as doctor visits, lab tests, medical equipment, prescriptions, contact lenses and non-cosmetic dental treatments. There is no time restriction on when you spend this money. Unlike a Flexible Spending Account, money in a HSA is not 'use-it-or-lose-it.' And sometimes your employer may even contribute money on your behalf."
Look over your coverage options. "Insurance through your spouse or partner's employer or, if you are under 26, insurance through your parents coverage. For working couple, often it is cheaper for each spouse to be on their respective employer's insurance."
If you don't get insurance through your employer and have to buy it on your own, "The Affordable Care Act (a.k.a.. the ACA or “Obamacare”)—while complex—can offer some goodies. It's worth it to familiarize yourself with some of these so you can maximize the advantages. Below are are a few to get you started."
You can't be denied coverage. "Starting in January, insurance companies can't charge you more or refuse to cover you based on your past health history."
Financial assistance is available. "Everyone will be required to have health insurance starting next year. You may be eligible for government subsidies (financial assistance) based on your household income and number of people in the household. There are free tools on the Internet—like Gravie.com!—that will help you figure out whether you qualify, and some of these resources can even apply for the subsidy on your behalf."
But knowledge is power, right? That's why Gravie exists—to help you navigate the health insurance options that are affordable and available (and right) for you. Abir Sen, cofounder and CEO of Gravie, has these tips for us all:
"Insurance independence is possible—and easier than you thought!" he says. "It's that time of year when people have to go through the grueling process of choosing health insurance for the next year. Time and again, consumers tell us that this process is one of the biggest headaches they have in dealing with the health care system. But here's the good news...there are free resources and tools available to help consumers through this process.
Don't overinsure. "Your goal should be to obtain insurance coverage that adequately meets the needs of you and your family, while avoiding paying too much and “overinsuring," he says.
Anticipate your budget. "The main trade-off you'll need to make when choosing a plan is the following: Should I pay less on a monthly basis (i.e., buy a plan with lower premium) and then have to pay more money before insurance benefits kicks in (i.e., meet a higher deductible)? Or should I pay more on a monthly basis and then if I need care the insurance benefits will kick in right away (or after a smaller deductible is met)? Sometimes increasing the deductible by a few hundred dollars can have a significant impact on your monthly cost. If you do choose a higher deductible, however, you need to ensure that you will have the means to pay out-of-pocket up to the amount of the deductible in case you need care."
Include pediatric dental coverage. "If you have a child, know that pediatric dental is not always included as part of the benefits. Check to make sure that the plan you are choosing includes pediatric dental."
Understand your options. "Many insurance companies are offering what they call a 'narrow network' option. Basically, by voluntarily agreeing to only go to a specific set of doctors and hospitals, you will get a discount on the cost of your insurance. If you really like your current doctor and he/she happens to be in this narrow network, consider yourself lucky! The narrow network option may seem attractive if you are looking to save money—but be careful, you may have to pay a lot out-of-pocket to see a doctor or hospital that is not in this network."
Consider a health savings account (HSA)."This is money you will set aside on a pre-tax basis to cover your out of pocket healthcare expenses, such as doctor visits, lab tests, medical equipment, prescriptions, contact lenses and non-cosmetic dental treatments. There is no time restriction on when you spend this money. Unlike a Flexible Spending Account, money in a HSA is not 'use-it-or-lose-it.' And sometimes your employer may even contribute money on your behalf."
Look over your coverage options. "Insurance through your spouse or partner's employer or, if you are under 26, insurance through your parents coverage. For working couple, often it is cheaper for each spouse to be on their respective employer's insurance."
If you don't get insurance through your employer and have to buy it on your own, "The Affordable Care Act (a.k.a.. the ACA or “Obamacare”)—while complex—can offer some goodies. It's worth it to familiarize yourself with some of these so you can maximize the advantages. Below are are a few to get you started."
You can't be denied coverage. "Starting in January, insurance companies can't charge you more or refuse to cover you based on your past health history."
Financial assistance is available. "Everyone will be required to have health insurance starting next year. You may be eligible for government subsidies (financial assistance) based on your household income and number of people in the household. There are free tools on the Internet—like Gravie.com!—that will help you figure out whether you qualify, and some of these resources can even apply for the subsidy on your behalf."
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