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Need Health Insurance in 2019? Here’s What You Should Know

Irrespective of what type of coverage and health insurance you currently have, this is a crucial juncture when you need to be thoroughly informed before making any decision. Jacket weather is primarily the time when you need to think about how to protect your health insurance. A majority of health insurance plans select January to start their coverage years and generally set a deadline in late fall for enrolling. Whether you buy your health insurance on your own, get it through your job, or qualify for Medicare, you need to decide about your coverage for the following year during late fall. In case you haven’t yet availed a health insurance plan, it’s high time that you look at your options and avoid getting shut out for another year.

Basic Health Insurance Terms

You need to be conversant with the basic health insurance terms. First comes premium which is actually the amount you need to shell out every month to have insurance coverage. Co-pay is the amount you give each time you receive care — for instance, a refill of a prescribed medicine, a visit to a clinic or a hospital, or a treatment in an emergency room. Next comes deductible. The deductible is the share of your health care expenses that you need to pay for before your insurance starts covering the remaining expenses throughout the year. Some plans do bring along co-insurance which implies that you need to expend a portion of your costs for the year, regardless of whether your insurance plan is providing for the rest or not.

You Need To Save For Preventive Health Care Too

Preventive health services are a set of tests, screenings, and vaccinations that every insurance plan must cover without charging a penny. They also cover birth control, of course, with a few exceptions. A flexible spending account is generally a benefit that employees are entitled to. It aids them in saving a good portion of their paycheck tax-free. It proves to be beneficial, especially in those times when your insurance plan doesn’t cover certain health care costs. Last but not least, a health savings account is a kind of savings account. This account helps you in carrying over that amount which you didn’t expend a year back.

Health Insurance That You Receive From Your Employers

A majority of Americans receive health insurance from their employers. However, you need to pay extra attention during the company’s enrolment this winter. In order to save money, a lot of companies have altered what they proffer in a way that makes an individual responsible for a major portion of their health care expenses. So, before enrolling, take some time out to go through the options given, If you opt for a plan that needs you to shell out a small portion of your paycheck, remember that it may bring along a high deductible or high co-pays with it. Hence, you will be paying more from your pocket than you did previously. Be alert. Have a talk with the human resources department to find out if you are eligible to open a health savings account or a flexible spending account that will help you save a good portion of your money for health care in 2019.

In Case You Have Medicare

Individuals with Medicare have the options of switching plans, add prescribed drug coverage, and alter a few stuff for next year. Most Americans have traditional Medicare that is run by the federal government. About one-third of the population enjoy a Medicare Advantage Plan that’s run by a private entity. In order to expand your coverage, you do have the benefit of buying add-on plans. However, you need to avoid falling prey to scams. This year, Medicare is offering a new and more secure identity card to every participant. In place of your Social Security Number, the ID card has a random number written on it. You don’t need to shell out any amount in order to get hold of the new card. You will eventually receive it in the mail.

Choosing a perfect health insurance plan in 2019 can be a bit confusing as you will be spoilt for choices. But you, at least, need to know the nitty-gritty of health insurance to shop wisely. You might consider talking to a health insurance advisor to get the best plan for you and your family.

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