You can choose from many types of health insurance plans. When you’re looking for the plan that’s right for you, consider what costs you can afford and the types of health services you need. Those considerations will help you decide the type of plan that is best for you. Follow these steps to help choose the best health insurance plan for you.
Step One: Determine if you qualify for a subsidy from the federal government
Your may qualify for a tax subsidy from the federal government, which can help cover the cost of your health insurance plan. If you qualify for a subsidy, you will need visit Healthcare.gov to determine the amount of the subsidy. From there you can view subsidy eligible health insurance plans available to you. Medical Mutual has a number of plans available on the public Marketplace. Medical Mutual licensed agents can also help you with subsidy-eligible plans by calling 1.866.488.3266.
If you don’t qualify for a subsidy, you can still choose and enroll in a health insurance plan that meets your needs. Medical Mutual has many plans available outside of the public Marketplace (these are also called “off exchange” plans). You can apply for these plans directly online, or you can call 1.866.488.3266 to apply or to get help selecting the best insurance plan for you.
Step Two: Estimate your costs
Think about your total costs for health insurance, including the monthly premium you can afford and the amount of medical services you typically use:
- How much you can afford to pay for your health insurance plan each month?
- How much can you afford to pay when you visit the doctor? For example, would you be better off paying more in premium but a flat price each time you visit the doctor (known as a copay)?
- How much you can afford to pay if you or a family member has an unexpected health problem (these are your out-of-pocket costs) or if you had to have a treatment you weren’t expecting? High-deductible plans come with lower premiums, but you are responsible for the deductible. If your plan has a $2,000 deductible and you had an unexpected health problem, you would be responsible for the first $2,000 before insurance begins paying.
Step Three: Understand the Differences Between Plan Types
Health insurance plans today are generally a choice between copay plans and high-deductible health plans. Copay plans typically have higher monthly premiums but lower out-of-pocket costs. High-deductible plans typically have lower monthly premiums but higher out-of-pocket costs. With a high-deductible plan, you have the option to pair it with a Health Savings Account (HSA) for tax savings. An HSA can help you save to pay for unexpected medical costs and deductibles.
Step Two should help you determine the plan you are likely to choose. If you prefer to pay a flat price each time you go to the doctor and limit out-of-pocket costs, a copay plan may be right for you. If you prefer lower monthly premiums and can afford to pay for some services and a higher deductible or to take advantage of an HSA, a high-deductible plan may be right for you. For more comparisons, take our Choosing a Health Plan That’s Right for You quiz.
You need to consider what health insurance metal tier is best for you. Each metal tier represents how much you pay in premiums and out-of-pocket costs. In general, higher metal tier plans have the highest premiums and lowest out of pocket costs while lower metal tier plans have the lowest premiums and highest out of pocket costs. No matter what option you choose, you’ll receive the same essential health benefits.
If you expect to use a lot of medical care, you may want to consider a higher level metal tier plan, like gold or silver, as they cover more of your medical expenses. If you don’t plan on using a lot of medical care outside of routine doctor visits, a lower metal tier, such as a bronze plan, may be the best type of health plan for you.
Step Four: Choose Your Health Insurance Plan
Medical Mutual offers many health insurance plans. We are sure to have one to fit your needs. In addition, Medical Mutual has one of the largest networks of doctors and hospitals in Ohio, which is an important factor in any healthcare plan. A large network can help you save money and keep the care you are used to. Learn about Medical Mutual’s extensive network and why it is important to you.
Get started today by exploring Medical Mutual’s health insurance plans. Using the information from the steps above, choose the health insurance plan that is right for you. You can apply for one of our plans directly online or by calling our team of licensed agents for help choosing at 1.866.488.3266.