5 Vitalities to Remember While Buying Health Insurance Plans Arizona

So, you finally realized you require a health insurance? And, you have tried reading all kinds of material trying to figure out how to go about it. I am sure you have all sorts of questions looming in your head-

• Will I be able to afford a health insurance?  
• What will be provided for Arizona? 
• What will get covered when I fall sick? 
• Who do I go to for a good health insurance plan for Arizona?

If you have begun with your research, you may have already heard of the penalties you pay in case of being uninsured. And if you haven’t, it’s better are aware that you pay penalties while submitting your tax details in case you are uninsured. And there is nothing to get jittery about buying a health insurance plan. If you have right resources and facts, you can easily make smart decisions about which insurance you should buy.

There is detailed information available in the health insurance marketplace, making it easier for you to compare the various available plans. You can check and then easily pick a plan that perfectly fits your budget. This blog is to help you with the 5 vital factors you need to remember before buying your health coverage deals:

1. Where should you look: on or off the health insurance marketplace (exchange)?

This condition applies only for those who intend to buy their plans personally (not offered by employer)

To buy personal health insurance plans in Arizona, you have two choices- buying them through the state’s exchange, or not, i.e., off the state exchange.

There are insurance companies that provide plans both ‘on’ and ‘off’ the exchange. In case your income falls below 400% of the federal poverty level, you may get some premium discounts issued in your plan. However, these discounts work only and only when you buy the plan through the health insurance marketplace or exchange.

While, in ‘off’ the exchange, there are some plans, which may have wider network in terms of providers of health care.

2. You must get your “SBC” for comparison

Always collect the summary of benefits and coverage (SBC) to make proper comparisons. The health reform legislations mandate every insurer to provide information about their plans. This is a ruling from the federal government that the plans should be explained in a standard, plain- language in terms of SBC. You can also ask for a glossary on the terms used in health insurance coverage and healthcare.

3. What will be the actual cost?

For every health insurance seeker in Arizona or anywhere else in USA, price is usually the prime criteria before picking any coverage plan. While, people mostly concentrate on the premiums they need to shell out, it is also necessary to go beyond what you are billed for in EMIs. You must check what you are paying out-of-pockets and what deductibles have been associated to your plan.

It is usually better to pay a little higher premium and have a less cost- sharing plan. 

To understand the cost-sharing, you have to read various health insurance plans.

4. Networks of your provider: are your doctors in the coverage? Do you require taking benefits outside-your-network?

For any plan you buy, you need to check if the doctors you wish to visit or other healthcare providers are in the same network as is in the plan. In certain cases, networks are different according to the plans, even so within same insurance companies. Also, it is better you ask your agency about it rather than depending on the insurer directory.

5. Do you have your medicines under the plan, what is their cost if they do?

There are separate lists of medicines for every health insurance plan. These are called formularies. You must check what medications your plans cover and which not. There are usually specified tiers for assigning covered drugs. The cost-sharing of the drugs for patients will depend upon the plan chosen. Even if the medicines are covered within the plan, there are different tiers allowed for each plan, which you need to check carefully.

Even when you have checked all the above vitalities to buy your health insurance in Arizona, it is always better to take assistance from a healthcare broker. The nature of healthcare and the design of different health insurance plans are a little complicated. Even if you think you understand everything, it is better to get clear understanding from an expert. Also, you may not receive all the information of your health plans from different resources online. A proper health insurance agent in Arizona will be able to provide you clearer picture of the marketplace.