The introduction of the Affordable Care Act has led to a tremendous rise in Americans purchasing their own health insurance policies. And while health reform has made medical care more affordable and accessible, Comaltex Insurance Agency in New Braunfels, TX, explains the process of buying a policy isn’t always a simple one.  

If you’re considering buying your own health insurance, there are many important factors to consider. The following list highlights some of those that could make the biggest impact on how you access and pay for medical care.

5 Important Factors to Consider When Buying Health Insurance

1. There Are Rules to Follow

The Affordable Care Act requires individuals to be covered by a qualifying policy or face a steep penalty. At the same time, there is only one period of the year—known as open enrollment—in which you can apply for health coverage. It’s important to make sure you get covered before this period is over or you may be barred from getting a plan—and have to pay the penalty fee.

2. You Should Shop Around

While getting health coverage is required, people still have the freedom to choose a qualifying plan that works for them. It is important to explore plans from different providers, as well as the many different structures that can determine how much you pay—and what exactly is covered.

3. Not Every Doctor May Be Covered

Different types of health insurance may cover different types of doctors. For example, an HMO plan generally requires you to see providers within an established network, unless it’s an emergency. A PPO policy, on the other hand, also has in-network doctors but allows you to see out-of-network providers if you pay extra.

4. Premiums Aren’t Everything

One of the most common mistakes people make when buying health insurance is focusing solely on the monthly premium they will pay. It is also essential to determine what your deductible is—or the amount you must pay out of pocket before your benefits kick in. Typically, plans with low premiums have high deductibles.

5. Tax Credits Can Change

If you purchase health insurance through the marketplace, you can elect to receive a tax credit to help discount your monthly premium. This credit is based on your most recent annual income. However, if your income increases during your coverage period, you may end up having to some of that subsidy back to the government.

If you want to make sure you’re considering the best coverage for your budget and lifestyle, consulting an insurance agency can help you weigh your options. Offering all types of coverage in New Braunfels, TX, Comaltex Insurance Agency can help you maximize your health insurance benefits without paying more than you need to. To learn more about their services or request a quote, contact an insurance agent today at (830) 625-7511.