Choosing a health insurance plan isn’t easy. The terminology can be overwhelming, and comparing the facts and figures gets confusing. Still, it’s vital to have insurance so you can protect your family’s wellness and finances.
One illness or accident can doom your immediate financial future if you don’t have health insurance. The National Consumer Law Center reports that nearly 52% of old bills submitted to collection agencies are related to medical debt and that medical bills are the biggest reason Americans file for bankruptcy.
Determine Your Insurer
When you’re hired at a new job, your employer will lay out the health insurance benefits to you, and you might have a few options to choose from. Your employer likely will pay a share of the monthly premium; you’ll pay the rest with a payroll deduction.
If you’re a gig worker or work for a small business that isn’t required by law to offer health insurance, your option is to turn to the government-sponsored marketplace to shop for a plan that fits your budget and your family’s needs. By visiting Healthcare.gov, you’ll be directed toward your state’s marketplace, if it has one, or you’ll shop for plans on the federal site. Depending on your income, you could qualify for a premium tax credit to help you pay for your insurance.
