Find Coverage For You and Your Family

You need to consider your lifestyle, health and budget. Ask yourself a lot of questions. Answer them. Then use that to inform what kind of policy to get. Are you expecting a baby this year? Consider Affordable Care Act (ACA) policies with pregnancy and birth benefits. Do you have a preexisting condition like diabetes? ACA health plans cover all preexisting conditions. But perhaps you need a quick solution while you wait for permanent coverage. Short-term health insurance can provide temporary coverage with many financial protections. In either case, make sure your doctors and medicine are covered by the plan network you choose.

Health insurance costs come in different shapes and sizes. First, you pay your premium. That’s your monthly premium to keep your policy in effect. Then you pay a deductible each year. That’s a fixed amount that has to come out of your wallet before your insurance company pays your doctor or hospital (This is in addition to any copayment options your policy might have for office visits). Last, you pay coinsurance. That’s a set percent of the healthcare bill you and your carrier pay. You can pay higher premiums and get smaller deductibles and lower coinsurance. Or vice versa. It’s all about balancing your needs and budget. The more you want insurance to cover, the more you’ll pay for the coverage.

The Affordable Care Act was signed into law to make health insurance cheaper and more accessible. All plans must meet minimal standards (also known as essential health benefits). Policies are organized by metal level — basically, by how much you want to pay for healthcare. And subsidies help you pay for coverage.

Looking for temporary coverage for a few months? Short-term health insurance can give you peace of mind if you’re between jobs. It doesn’t offer the same benefits as an Affordable Care Act plan. But it also doesn’t cost as much as one too. Initial coverage can last up to a year and durations can expand up to three years. Rules vary by state.

“You usually enroll in a new ACA health plan during the fall. That’s when the Open Enrollment Period takes place and millions buy coverage on the federal and state exchanges. Short-term health insurance can be purchased any time of year.”

Don’t worry. You may still be able to buy a plan through the Health Insurance Marketplace. Life changes such as moving or having a baby qualify you to enroll in a plan. There are also non-Marketplace options you can consider too.