ACA: 3 Reasons to Choose an Off-Exchange Plan
The Health Insurance Marketplace’s virtual grand opening is October 1, 2013. However, many people don’t realize that the Exchanges aren’t the only game in town. You are able to purchase off-Exchange plans as well as the Affordable Care Act Bronze plan, Silver plan, Gold plan, and Platinum plans. We’ve listed 3 reasons why an off-Exchange may be the right choice for you.
1) Off-Exchange May Offer More Coverage
Off-Exchange plans are both grandfathered plans (plans enrolled in prior to March 23, 2010) and plans that are not purchased through the Health Insurance Marketplace. The main reason to purchase an on-Exchange plan is if you qualify for ObamaCare premium subsidies and/or federal cost-sharing subsidies. If you don’t qualify though, you might find a better value in plans offered off the Exchange. The reason for this is off-Exchange plans may be able to offer extra benefits not found on the Exchange, as well as they may offer lower premiums.
2) Off-Exchange Plans Save You Time
An Exchange plan takes a long time to gather all of your financial paperwork, as well as the time to fill out the application. If you know you don’t qualify for subsidies then you can save time by purchasing an off-Exchange plan.
3) Off-Exchange Plans Protect Your Privacy
Part of that paperwork you need to gather for apply for Exchange plans are your W2, child support, alimony, assets financial statements. This information is put out there. So, again, if you know you don’t qualify for subsidies, might as well protect your privacy with an off-Exchange plan.
Remember an agent or a navigator can help you with the on-Exchange plans, but only agents can help you with your off-Exchange plans. To learn more about plans outside of the Exchange or for the new metal plans call 800-930-7956 or contact Medicoverage.
Finding an Affordable Health Insurance Company: Easy as 1-2-3
Just about everyone wants to find a quality health insurance plan, but finding an affordable health insurance company can seem like a difficult and complicated task. Contrary to popular belief, however, there is not one insurance provider that is more affordable than the rest. Most insurance companies offer dozens of health insurance plans ranging from more basic, lower cost plans to higher-end, more expensive ones.
3 Steps to Finding the Right Insurance Company
- Step 1: Consider size. An affordable health insurance company should have enough members to negotiate the best rates with doctors. More members mean more bargaining power, which in turn tends to mean better rates. Smaller insurance companies often have to pay higher fees for the same medical costs, and they pass those fees on to you.
- Step 2: Compare plans online. With an online quote tool like ours at Medicoverage, you can quickly compare various health insurance companies and their plans until you find one that matches your needs. If you purchased CoreShare Plus Colorado this is your breakdown of costs and coverage. Click here and enter your zip code at the top of the page to get a list of easy-to-compare quotes in 10 seconds or less. This online research will allow you to select a plan with only the services you need and avoid paying extra fees for services that you don’t use (e.g. maternity if you are a man).
- Step 3: Check quality. Do a little research into the company before you select one of their plans to ensure that they have excellent feedback and ratings from other customers. It won’t matter how cheap the insurance is if you can’t get good care when you need it.
Saving After You’re Covered
There are some common sense things you can do after you have health insurance that can continue to save you money on medical care
- Before you get any treatment, shop around for the best price. The cost for the same procedure can vary dramatically.
- Only go the emergency room when necessary.
- Try home remedies.
- Use existing x-rays when you go to the dentist.
- Use mail order prescription drugs.
- Purchase generic or over the counter drugs when possible.
- Choose a plan with a higher deductible, which saves you money on monthly premiums.
- Pay for your premiums once a year, as this is often cheaper than monthly.
- Use your local free clinic for basic services, even if you have insurance, these can save you money if you are in a tight financial spot .
Using the tips above, you should be able to find an affordable health insurance company and, more importantly, a health insurance plan that suits both your health and your finances.