How To Compare Health Insurance – Insurance Made Easy

How to Compare Health Insurance: The Complete Guide

A lot of thought goes into selecting a health insurance plan, and you may have a lot of questions. How much protection do I require? What am I able to afford? Do I qualify for federal health care assistance? But, perhaps most importantly, how do I know which options are best for me and my family?

If your employer does not provide private health insurance, you can obtain coverage directly from an insurer, through a private exchange, or through a government marketplace.

Choosing your own plan — public or private — means you'll have to go out and compare all health insurance plans on your own, unlike an employer's plan, where all but a few choices are already made for you. That means researching plan types, benefits, costs, and providers.

This guide will assist you in determining the best way to compare health insurance policies and which tools will assist you in making that decision. You might also be interested in learning how to save money on health insurance.

A Look into Federal Health Care Coverage

If you are not eligible for Medicare or Medicaid, you may be eligible for health care subsidies under the Affordable Care Act. Individuals who cannot afford private coverage on their own or do not have a plan through their employer are eligible for financial assistance under the ACA.

To see if you qualify for a subsidy, go to the federal government's website HealthCare.gov. If you qualify, you can buy a subsidy-eligible health plan through your state's public marketplace, the federal marketplace, a broker, or directly from an insurer. You can compare health insurance plans online in any case.

Some States Have Their Own Marketplaces

For residents seeking subsidized coverage, most states rely on the federal marketplace. This is where you can compare 2021 health insurance plans and explore various health insurance market options. The federal government website would be used to compare health insurance rates and marketplace plans in states such as Florida, Michigan, New Jersey, Texas, Virginia, and Utah, to name a few.

However, in addition to this marketplace, several states have established their own health insurance exchanges to assist residents in obtaining coverage. If you want to compare individual health insurance plans and rates in California, for example, you would go to Covered California, the state's marketplace.

It should be noted, however, that there are no municipal level marketplaces. A New York City resident, for example, would use the New York State health marketplace to compare the market's health insurance options.

If your state has its own marketplace, here is a list of places to compare health insurance plans:

California: Covered California
Colorado: Connect for Health Colorado
Connecticut: Access Health CT
Delaware: Choose Health Delaware
District of Columbia: DC Health Link
Hawaii: Hawaii Health Connector
Idaho: Your Health Idaho
Kentucky: Kynect: Kentucky Healthcare Connection
Maryland: Maryland Health Connection
Massachusetts: Massachusetts Health Connector
Minnesota: MNSure
Nevada: Nevada Health Link
New Mexico: BeWellNM
New York: New York State of Health
Rhode Island: HealthSource RI
Vermont: Vermont Health Connect (VHC)
Washington: Washington Healthplanfinder
West Virginia: West Virginia Health Insurance Marketplace

Business Healthcare Plans with Federal Subsidies

Small businesses in participating states may be eligible to purchase Small Business Health Option Program (SHOP) plans, which provide federally subsidized group coverage under the Affordable Care Act. You can learn more about these business health insurance options and eligibility, as well as compare rates, by visiting HealthCare.gov.

The catch is that some states no longer provide SHOP plans. So, while a small business owner in Washington state would have access to public and private health insurance options, a business owner in Texas would not have those same options because Texas does not participate in SHOP.

How to Compare Health Insurance Plans Online

Not long ago, the only way to compare health insurance options was to make numerous phone calls, waste copious amounts of paper, and waste valuable time. One of the benefits of living in the digital age is the ability to compare health insurance quotes online. Finding a trustworthy website will allow you to compare health insurance quotes quickly and easily.

That is what Insuroma does. We strive to be the best health insurance comparison website by aggregating multiple free quotes from national and local health insurance providers.

You can quickly and easily compare health insurance rates by ZIP code to find the plan that best meets your individual or family needs.

What Are the Different Types of Health Insurance?

Should you enroll in an HMO or a PPO? Or would an EPO or a POS be preferable? When comparing policies, it is critical to understand the differences between the various types of health insurance plans available.

Here's a breakdown of the acronyms to help you understand them:

HMO

A Health Maintenance Organization is one of the least expensive health care options, with lower out-of-pocket costs and fixed premiums. The disadvantage is that you must only see in-network doctors, and there are fewer providers to choose from.

PPO

You will pay higher premiums with a Preferred Provider Organization than you would with an HMO, but you will be able to see out-of-network doctors and specialists without a referral. In-network doctors have lower copays.

EPO

Except in emergencies, an Exclusive Provider Organization only provides in-network coverage, but you have access to a much larger network. Premiums are reasonable, and out-of-pocket expenses are also reasonable.

POS

You can see out-of-network doctors with a Point of Service plan by paying slightly higher premiums than you would with an HMO. In-network doctors have lower copays.

Your Healthcare Needs Will Help You Choose the Best Health Insurance

Different plans address various needs. Comparing health insurance plans for a family is not the same as comparing plans for singles. You may also require a plan that includes specific health insurance benefits, such as mental health care or rehabilitation services. Here are some things to think about:

Families

If you have a family or are thinking about starting one, compare family health insurance plans for pregnancy, pediatric care, prenatal care, and the individual health needs of your family members. You could also look into short-term college student health insurance plans for older children.

Seniors

Even though senior citizens are eligible for Medicare coverage after the age of 65, you may want to compare costs for additional health insurance when comparing health insurance plans for seniors. To cover any remaining health-care costs, such as copayments and deductibles, you can compare Medicare supplemental health insurance plans.

Travel Health

Are you a jet setter or someone who travels frequently for business? If this is the case, you should compare the market for a plan that includes travel health insurance. This would provide medical and dental coverage if you needed it while traveling.

In Network vs. Out-of-Network

Compare the health insurance networks available for each plan type to see if your preferred doctors are included in the network. If you see a lot of specialists or use a lot of medical providers, you might want a plan with out-of-network coverage or a larger network.

Comparing Annual and Out-of-Pocket Health Insurance Costs

When comparing health care insurance plans in the hopes of finding affordable health insurance, one of the most important factors to consider is how much money you will need to pay for health care on your own versus how much the insurance companies are willing to cover.

In addition to comparing annual rates, which are the monthly health insurance premiums you pay for coverage, consider out-of-pocket expenses, which include:

Copays: These are the fixed prices you pay to see your medical providers — including doctors, specialists and emergency room visits — at the time of care.
Deductibles: Deductibles are the amounts you must pay before your health insurance kicks in with funds to cover the remainder of your medical expenses.
Coinsurance: Coinsurance is a percentage of a medical expense that you will pay, with your health insurance covering the rest once your deductible is met. So, if your health insurance policy specifies a 25% coinsurance for medical procedures, you would be responsible for 25% of the procedure's cost. The remaining 75% would be covered by your insurance.

Our Tips for How to Compare Health Insurance Plans

Although comparing plans to find the best health insurance may appear overwhelming, there are ways to simplify your search. Here are a few tips to make the experience more enjoyable:

To compare health insurance quotes, create a spreadsheet. Once you've gathered all of your quotes and information about each plan's benefits, providers, and costs, enter it all into a spreadsheet to make it easier to compare health insurance. This is one of the most effective methods for comparing two health insurance plans side by side in order to determine which agency and plan is the best fit.
Make a list of your top priorities: Another useful method for comparing two health insurance plans is to make a list of all your health care needs, such as which doctors you see each year, how frequently you need to see them, what types of treatments you typically require, and how much you've budgeted for health care expenses.
Allow the internet to do the heavy lifting. Remember, you don't have to wait on hold for hours in order to compare health insurance plans.