How to Shop on New Public and Private Insurance Exchange?
|By: Shaun | Sep 3 2013 | 477 words | 968 hits|
There are a lot of changes coming to the way Americans buy health insurance, and Americans don't yet have a clue on how to get the most out of their premium money. In fact, that is just the tip of the iceberg.
For most Americans, it is not just about how to shop for health insurance, it is also about where to shop from, what plans to buy and how to make the most informed choice. Further, about 7 million Americans are going to shop for health insurance, and quite a substantial chunk of these buyers would be buying for the first time. Some employer related changes will move in too, and a different model of health insurance coverage for employees is going to be implemented.
In the light of these upcoming changes, confusion is bound to arise. As Americans make a beeline for the insurance exchange, the first question is where to buy insurance from, public exchanges or private health care exchanges. It is best to look for government resources on determining which health exchange is best for you. Once you are through with that, the next question would be the type of plan to purchase. There are four types of plans common across all exchanges - bronze, silver, gold and platinum. Americans need to look through all these tiers of offerings and determine the coverage offered by each of them. Once they are clear on the benefits of plans, they should then make an informed decision.
Another major task is the selection of the insurance carrier from the private benefits exchange. The National Committee for Quality Assurance has a report card for each of the insurance carriers in your area, and this information is a good starting point for anyone weighing their options. Checking the doctors and hospitals coming under the plan's network and whether they meet your requirements is another aspect buyers need to be aware of.
Further, in order to ensure that you are getting complete coverage, you would want to check what all does your private healthcare exchange coverage plan covers. Does it cover prescription drug costs? Does it cover out-of-network services? Does the plan require exacting pre-authorization requirements or any referrals before visiting a specialist? Once a buyer has clear answers to all these questions, he would be able to buy the best plan that fits in his budget.
In light of upcoming reforms and major changes post October, it is evident that Americans have some perplexing choices to make. However, with a carefully weighed, calculated approach, if Americans seek answers to the questions mentioned above, they will be able to determine the plan that best suits them. If private benefits exchange or federally facilitated marketplace is approached with the right strategy, it can be a great means to save your hard earned money by spending lesser on health coverage plans that best suit your requirements.
Author is a well known authority on private health insurance exchanges in the US. She is currently looking to expand her expertise in private benefits exchange