Guest post by Maria Pippidis, Extension Educator, University of Delaware Cooperative Extension
Are you spending too much on health insurance? It’s time to do a health insurance check up!
Open enrollment for the Health Insurance Marketplace (November 1, 2022, through January 15, 2023) for those under age 65 and Medicare (October 15 through December 7) for those over 65 is happening now. Even if you have health insurance already, comparison shopping can help you save money and get better coverage. It is important to compare not only the premium costs but also other out of pocket costs like deductibles, copayments and coinsurance in relation to how often you use health care services. There are also options for dental insurance. Think back about how you have used health care services in the past to help you do an estimate of how much these other out of pocket costs might affect the choice of plans you consider.
Remember, for health insurance marketplace plans, prevention services like annual check ups with your primary care provider or gynecologist are covered at no charge.
For those under age 65, use the healthcare.gov website to see options for you and your family or for covering employees if you are a small business. Depending on your income and the state you live in you will have a variety of health insurance policy options and tax credits or tax subsidies. Here are some examples for a family of 4 with 2 children under 18 years of age in Delaware:
- If your income is below $38,295/year you may qualify for the Children’s Health Insurance Program (CHIP) or Medicaid.
- An income range between $38,295 and $69,375/year will provide coverage with tax credits on premiums and reduced deductibles, copayments, and coinsurance.
- An income range between $69375 and $111,000 will provide coverage with reduced premiums.
This is just an example and the income ranges will be based on your family size and your state. By going to the website and adding your specific information, you’ll get a better sense of the costs and coverage. I personally have seen farm operators save thousands of dollars by exploring the marketplace for health insurance options. Even if you have off farm employment covering your whole family, it might be worth exploring the healthcare marketplace options for those not working off farm and your children.
You can explore options online or you can get help by talking to a health insurance navigator. The healthcare marketplace website in your state will provide information about who are certified providers that can assist you in better understanding your options. These individuals have been trained to provide information about the plans. Note that some insurance brokers have been certified as well; these individuals can inform you about the marketplace plans and other plans for insurance organizations which they represent. There are also navigators/assistors who work with non-profit, government or health care organizations who are certified.
For those who are 65 and older, use the medicare.gov website to see which Medicare Advantage Plans or Medicare Supplemental (Medigap) plans are available in your area. You can comparison shop these plans very easily on the website. My advice is to ignore the TV commercials and the junk mail regarding Medicare plans. Rather use your State Health Insurance Assistance Program. You can find your local contact by visiting this website https://www.shiphelp.org/ and searching by your state. This program can assist you by setting up a free counseling session with a trained volunteer at a convenient site near you. Their goal is to empower people with Medicare to better understand their options and enable them to make the best health insurance decisions for themselves. The counselors can help you better understand your options to help you make the best decision for you related to Medicare, Medicaid, Medigap (Medicare supplement insurance), Medicare Part D, long-term care insurance and other types of health insurance. There is no charge for the service.
Though it takes a bit of time, invest in yourself because no matter what age you are, reviewing your health insurance coverage is one of the best ways to stay financially and physically healthy in the coming year.