Health insurance may strain your wallet but not getting one will surely drain your wallet. It does not matter whether you are getting employer-sponsored health assurance or insurance from the Obamacare health insurance marketplace; you should know what you are buying. Premiums for Health Insurance NY Small Business have been on the rise since the past couple of years. Many people, especially those who are healthy and don’t have anyone depending on them, are usually tempted to skip buying health insurance.
Well, not buying a Health assurance may help you save some money, but it will cost a lot more in the longer run. If you don’t purchase health assurance, you will be entirely responsible for all the expenses if you get injured or ill. The more you learn about health insurance and its benefits and limitations, the better idea you will have to get health insurance.
What Does Health Insurance Include?
Either you are a fit and healthy person or a person suffering from some chronic illness, health assurance will help you. Health assurance provides financial protection against both routine checkups as well as sudden emergencies. A few benefits offered by Health Insurance are mentioned below.
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* All the health assurance policies cover preventive health services that screen for probable health problems that may cause issues in the longer run. Therefore, health insurance helps you stay healthy.
* All health assurance policies cover important health benefits like maternity care, prescription drugs, and emergency services.
* Health assurance policies help you avoid high medical expenses. Whether you are prepared for the treatment or not, health insurance policies help you by taking care of copayments and coinsurance.
If you choose not to get Health assurance, you will not only face financial problems but penalty as well. The Affordable Care Act or Obamacare mandates each individual to have minimum essential coverage. If an exemption does not apply, the individuals will have to pay tax penalties if they don’t get health assurance.
What is Not Included in Health Insurance?
The inclusions and exclusions of health assurance depend largely on what the Health Insurance offers. The coverage varies largely as some insurance plans cover dental care and vision care while some not. However, as a rule of thumb, insurance companies don’t offer coverage on problems that they don’t find medically necessary. This means that the service is needed for the prevention, diagnosis, and treatment of the condition or its symptoms. Some services that are not included in most of the health assurance plans are listed below.
* Infertility treatment
* Cosmetic surgery
* Long-term care
* Weight-loss surgery
Different Types of Health Insurance
Getting health assurance is vital, but choosing a health assurance plan is complicated. Health assurance provides different plans with different benefits and costs. Insurance plans are classified into four categories, and all insurance plans fall into one category or the other. These categories are:
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* Bronze Plans: Bronze plans include less monthly premiums but more deductibles. They might not strain your wallet but the money you might end up paying before the insurance kicks in hefty. Bronze Plans are preferred by young people who are fit and healthy.
* Silver Plans: Silver plans include moderate monthly premium and moderate deductible cost. The premium in silver plans is more than that of the bronze plan, but the deductible cost is lower. Silver plans are the most popular Health assurance plans in the world.
* Gold Plans: Gold plans include high monthly premium costs but low deductible costs. Gold plan can come in handy for middle-aged people or people who visit hospitals frequently.
* Platinum Plans: Platinum plans have the highest monthly premium costs but very low deductible cost at the time of the treatment. Platinum plans are ideal for older people who might have to undergo a big treatment or surgery in the upcoming years.
What Is the Cost of Health Insurance?
Different Health assurance have different insurance plans. In general, health assurance plan costs depend upon the age and the location of the applicant. Different companies at different locations also offer health assurance plans at different rates. As additional people like children or spouse join the policy, the cost is accordingly calculated. The cost also depends on the type of plan you choose and your habits like smoking, drinking, etc. But if you talk about the average cost, a health insurance plan in the United States cost around $500 for individual plans and $850 for family plans.
Effect of Health Insurance on Your Taxes
As mentioned in previous sections, not getting health assurance can result in a penalty that has to be paid when you file your tax return. If you had a health assurance plan for an entire year, your employer would give you a form that provides proof of coverage to avoid penalty. If your insurance is not employer-sponsored, you will get the form your HealthCare.gov account. Health assurance can help you with the process of declaring your insurance coverage and other formalities.
Conclusion: Is Getting Health Insurance Worth It?
Not getting health assurance is a gamble. You may not suffer from any medical problems or injuries and end up saving thousands of dollars that would have otherwise gone into paying premiums. On the other hand, you may end up getting into a medical emergency and pay a lot more than the total premium of health assurance. In the first case, you have a sense of security and peace of mind.
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Moreover, you secure yourself financially as your premiums cost less than the complete cost of the treatment. If your employer is providing a health assurance plan, you should go for it without any second thought as it the most affordable health assurance option you will get. Some may even sponsor your insurance and help cover your monthly premium. If your employer is not providing insurance, you can get private health assurance from Health assurance. As a final conclusion, you should consider long-term possibilities and get health assurance.