Buying the Correct Health Insurance for You Essays

Buying the Correct Health Insurance for You Essays

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Market place insurance plans seem to be a good idea for insurance shoppers to find the best plan at a competitive price, but in reality it may create a lot of confusion and uncertainty of what services will actualy be provided by these different plans. In this paper I will provide some suggestions for individuals, small businesses and large businesses that may help making a decision when it come to choosing an insurance policy.

Individuals
There is no perfect choice that will fit everyone. The best measure for the value of what you get is your "willingness to pay" (Getzen, 2011). Bundorf and Pauly (2000) showed that the probability of coverage increases more or less continuously according to the income. It all depends on what each person is willing to pay out-of-pocket and what services that person needs. Its a balance between your budget and your health needs. Premiums are usually higher for plans that pay more for your medical costs. In general, with the different metal tier categories, the lower the premium, the higher the out-of-pocket costs for medical services and vice versa. For example, I would advise a younger person with low medical needs to pick a low premium higher deductible plans (Bronze or Silver). On the other hand, a person with previous medical problems who may require recurrent medical attention should choose a plan with higher premium and lower deductible rate (Gold or Platinum). Another factor to be considered during this process is what network of hospitals and providers are associated with each insurance. If you are not willing to change your network then your choices will be more limited.
In conclusion, there are many factors that will affect your decision as an individual to what insurance you choose: you...


... middle of paper ...


...n conclusion, choosing a health plan depends on many factors and will be different from a case to another. Therefore, it will be reasonable to consult with an insurance broker or consultant to reach the best decision.



References 

Getzen, T (2011). Health Economics and Financing (4th ed). Wiley.
 
Cockerham, W (2012). Medical Sociology (12th ed.). Prentice Hall.
Claxton, G., Gabel, J., Gil, I., Pickreign, J., Whitmore, H., Finder,
 
    B., Rouhani, S., Hawkins, S., Rowland, D. (2005). What
 
    High-Deductible Plans Look Like: Findings From A National Survey Of
 
    Employers. Health Aff , , . doi: doi:10.1377/hlthaff.w5.434
 
Levy, H., & DeLeire, T. (2003). What Do People Buy When They Don't Buy
 
    Health Insurance And What Does that Say about Why They are
 
    Uninsured?. Retrieved from http://www.nber.org/
https://www.healthcare.gov/

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