Enrolling in health insurance for the first time can be daunting. With so many options out there as well as resources, it can be overwhelming to know which one to choose.
What’s more, there are often scammer websites that pose as official enrollment resources, adding to the confusion.
But enrolling is simpler than you think and can be done in just five easy steps.
Step 1: Figure out your needs
Shopping for health insurance is no different than shopping for other products. With so many options out there, finding the right one comes down to what suits you best.
Ask yourself some simple questions before looking for health insurance:
- How often do I go to the doctor?
- Do I take any prescriptions that need to be covered?
- Do I have any upcoming medical expenses?
- What other services do I want to be covered on the plan?
Knowing what you need helps you narrow down your options and make the shopping process go much smoother.
Step 2: Determine your budget
Insurance is expensive, so that is why it is important to budget for it. Simply purchasing a plan with no consideration for how it will fit into your budget can lead to an unexpected cancellation or cause you to choose a plan that you can not afford.
A good rule of thumb is to spend less than 10% of your income on insurance for the year.
According to current regulations with Obamacare, insurance should be 9.5% of your annual income or less to qualify you to buy a plan. So for example, if you make $50,000 per year, insurance should cost you $4,750 per year or $395 or less per month.
This not only applies to determining if coverage through your employer is affordable but if a family plan is affordable.
Step 3: Find Help
You can choose to handle enrolling in health insurance yourself or find help from a licensed broker. Their services are 100% free and they are trained to help you and your family by knowing which plans could suit your needs.
To find a broker, you can search online, on social media, or read reviews. Another way to find a broker is to put your name online to request more information but beware, this could lead to hundreds of phone calls and text messages from many brokers requesting to give you a quote.
Step 4: Get a quote
Getting a quote for health insurance can be provided through an insurance broker or online through the official insurance marketplace, Healthcare.gov.
Both of these sources will allow you to purchase a plan that many doctors and hospitals accept as well as share in the cost of medical bills.
To find a good quote, you must make sure it includes all the needs you have identified and that is from a reputable source. To research insurance companies, using sources like Better Business Beauru will provide honest ratings. You can also go directly to the company’s website you are interested in and learn more about them.
Step 5: Enroll
Enrolling in health insurance is an online application. If using a broker, they do this for you. You need to provide basic information, as well as income information and social security number to verify your identity. Once submitted, you can select the plan you want, and the information gets sent to the insurance company.
Please note, there are rules and regulations around enrolling for health insurance. First, unless you recently lost your insurance, moved, or added a new member to your family, you have to wait until Open Enrollment to enroll, which is from November 1st to December 15th each year.
Also, when you submit your enrollment is important, too. If you submit your application by the 15th of the month, your plan will start on the first of the upcoming month. But, if you submit your application on the 16th-30/31st of the month, you have to wait until the following month for your coverage to start. That is why it is important to enroll on time to get the start date you want.
Enrolling in health insurance is easy when you break it down. Ready to enroll? Contact us today for a free quote.