Insurance Services of Washington Blog
Understanding health insurance proves to be difficult to buyers. When Obamacare was enacted by the government, buying health insurance became mandatory to everyone. For many employers and business owners, choosing policies and completing the process became more complex. You need to make the right decision for both your company and your employees.
The open enrollment starts on November 1 this year. Are you are ready to make a major financial decision in your life? This is important because it concerns your health and the health of other people as well.
Determine Your Budget
One of the first things you have to do is know how much you are able to pay. Health care and health insurance are quite broad. But, a good estimation is to set aside about 5% of your gross income per year on your premiums.
Also, did you know that you can apply for tax credits or Medicaid on your health insurance? Here are the 3 kinds of subsidies that you may qualify for:
Consider Your Network Coverage
Selecting an insurance company comes with knowing what is covered and who is covered. You see, it does not mean that when you purchase a healthy insurance policy, all hospitals and healthcare providers would automatically accept it.
If you want flexibility in your network, try to check out POS and PPO plans. By doing this, you can pick a physician outside your network. But remember that the costs could be more costly than choosing a healthcare professional inside your network.
Evaluate Other Needs
Health insurance provides a range of coverage. Invest some time to learn everything about health insurance as you may need other health care needs. For example, dental procedures are included in your health coverage. Try to find out other types of insurance coverage and set an amount for this.
If you are unable to afford higher insurance rates, consider HSA (Health Savings Account) and FSA (Flexible Spending Account). These two provide similar functions, but FSA is available via employers only.
Shopping for health insurance is usually done once a year, so you will want to choose the best one for you. Look for a health insurance plan that is suitable for your budget and your needs. When armed with the right understanding, choosing is not that intimidating after all.
At Insurance Services of Washington, we work hard in making sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (425) 868-1123 or Click Here to request a free quote.