Did you know, the cost of a typical hospital stay (about four days and two follow-up visits) could be more than $29,000? Health insurance protects your health and financial assets, and provides peace of mind. Due to the Affordable Care Act (ACA or ObamaCare), all plans are now Guaranteed Issue meaning no medical questions! As long as you apply at the annual open enrollment or with a qualifying event you cannot be denied coverage. There are no Pre Existing Conditions and all plans cover Preventive Care at no charge.
Penalties of Open Enrollment
Per the ACA, individuals and families are required to have medical insurance else face a penalty when filing taxes. For 2016, the penalty is $695 per individual (Maximum $2,085 per family) or 2.5% of household income over the filing threshold. The only way to avoid these penalties is to enroll at open enrollment each year from Nov 1 – January 31 or due to a qualifying event. You have 60 days from a qualifying event like loss of group coverage, birth of a child, adoption, marriage, or release from incarceration.
All the health insurance companies Kardel Insurance Services recommends have negotiated discounts for you when you use a doctor or facility from their network. By using a participating doctor, your costs will be substantially lower even before deductibles are met, saving you money. You also can save when you use a non-participating doctor or facility, but not as much.
Plan Types and Access to Health Care
The plan type you choose will determine how you select and access health care services. In general, the wider your choice of doctors and hospitals, the higher your costs will be in terms of premiums and/or levels of health care coverage.
PPO plans offer the most flexibility in doctors and hospitals (providers). PPO plans provide coverage (at different levels) for services from both Participating and Non-Participating Providers. Using Participating Providers will yield the greatest discounts.
HMO Plans cover more of the cost of health care than any other medical plan type. HMO Plans provide coverage only for services received from doctors and hospitals within the HMO Network. You choose a specific health care group and physician within the network to coordinate all of your health care needs.