For many, health insurance is offered through their employer. But as more people choose self-employment, cut back to part-time, work for small businesses or look at retiring early, health insurance quickly becomes a hot topic and one you need to figure out. Fortunately, you’re not alone in the journey. Fergurson Insurance will help you shop hundreds of plans on the market to figure out which network, premiums, deductibles and co-payments are best for you.
Do I qualify for a Marketplace Health Plan?
If you don’t have insurance through your employer or another group, you can purchase a health plan through the Marketplace—regardless of your medical history. Fergurson Insurance will work with you to understand what the Affordable Care Act means to you and which options are available.
We do have a few tips though. First, you have to purchase your selected coverage during the open enrollment period (typically this has been November—January) or qualify for a special enrollment period through certain events like losing your existing health insurance. Second, you need to find out if you have any subsidies or cost-sharing available to you. This will help you know if you purchase on or off the exchange, and can save you quite a bit of money each month in premiums.
I have Medicare. Why do I need supplemental insurance?
While Medicare helps those over 65 cover some of their health care costs, it won’t cover everything. Medicare Supplement Insurance helps close the gaps between what you need and what the government will pay without straining your budget. Plan F is typically the most popular as it covers all deductibles and coinsurance for you. But there are other options available as well. Fergurson Insurance will help you work through all the supplemental plans available and determine which option is best for you.
Can I add a Health Savings Account to any plan?
Unfortunately, no. Health Savings are specific to eligible insurance plans. But they are a great way to keep your insurance costs down. Health Savings Accounts are high-deductible plans that are paired with an HSA. While you do need to have some cash stashed up here for when medical expenses come your way, the nice thing about a Health Savings Account is that you get to save and pay for medical expenses tax-free. These funds also carry over year after year (unlike flex spending accounts where you lose money not spent). It’s a nice feature that allows you to save for future expenses.