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Buying The Correct Health Insurance For You

1057 words - 5 pages

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: your budget (how much you are willing to pay out-of-pocket every single time you receive a medical service), your medical needs, and you willingness to go to different providers.

Businesses
One of the reasons that people take a job is to obtain health insurance. It is a benefit to them, but it is a cost to the employer (Getzen, 2011). It can help hiring and retaining the best workers which can provide a valuable protection to the business. On the other hand, the cost of providing coverage has been always an issue for owners who have been trying to keep the cost as low as possible
in this economy.
According to Affordable Care Act (ACA) a "small business" is defined as fifty or fewer full time equivalent (FTE) employees. Under the current law If you have 1-49 FTE employees and decided not to provide coverage then you will not be subjected to a tax penalty. A small business may qualify for a health care tax credit when offering group health insurance to the employees. If you have 50 or more FTE employees then you are considered to be an “applicable large employer” or a "large business" and therefore, are subject to the Employer Shared Responsibility (ESR) provisions. Large businesses must offer health insurance to at least...

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