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How to Save Money in the Health Insurance Marketplace This Year

Posted on November 24, 2012 by admin

To many Americans, the most important thing about health insurance is the cost that comes with it. The public wants to make sure that the health insurance premium it must pay is within reason, and that is fits in-budget. This year’s cost increases of medical coverage could make doing so more difficult. However, there is one way to ensure that you save a good deal of money on health insurance during the second open-enrollment period.

Consider enrolling in a new health plan.

Consumers who purchased the most affordable plan last year may be tempted to stay the course and not even review their current coverage. But they may be paying more for insurance than necessary. As a matter of fact, the most inexpensive plans last year are expected to experience the highest rate increases, while new, more affordable plans are just entering the Health Insurance Marketplace. Thus, not taking a look at your other health insurance options will prove costly. How costly depends on your personal information and the type of plan that you are interested in.

Not taking into account subsidies, the least expensive Bronze health plans, on average, are set to rise by three percent. The most affordable Silver medical plan premiums are expected to increase by four percent. However, Secretary of Health and Human Services Sylvia Mathews Burwell says that one cannot undervalue the health coverage options available, stating that most consumers will be able to “find something that may be a better choice for them in terms of affordability,” even if prices are increasing slightly.

Another reason it is recommended to review the health plans available is if you have gone through any major life changes, such as having a child. In this case, you will want to make sure you choose a medical coverage plan that best suits your new health needs. Income is another important factor you should keep in mind. If there has been an increase or decrease in your earnings, you can expect any subsidies or credits you collect to receive a similar adjustment.

The good news for customers everywhere is that there are 25 percent more health insurers available through exchanges than ever before. This competition is sure to result in comparable and affordable prices throughout the open-enrollment period. So make sure that you examine your current status, look into various different health coverage options, and purchase a health insurance plan before the February 15 deadline.