Healthcare costs will only continue to climb as medications and hospital visits become more expensive. Consequently, finding affordable health insurance Colorado that doesn’t sacrifice crucial coverage has become an uphill task. But what if we told you it’s possible to have your cake and eat it? Read on to find out how.
Compare Plan Networks
We say “plan networks” because HMOs that provide care through a list of pre-appoionted specialists tend to be the cheapest coverage plans. It’s however important to compare networks across plans from different insurers. If you have any preferred care providers you want to continue seeing, look for a plan that includes them. You could also ask your doctor directly if they accept a particular plan.
If you don’t have any specific preferences, go for a plan with a large network so you have more choices. This will be particularly helpful if you reside in a rural area — having to travel far to find a doctor who accepts your plan doesn’t make any sense. So, at the very least, steer clear of plans that don’t have any local in-network care providers.
Compare Benefits
Comparing the services covered under each health plan will help you choose a plan that suits your care needs. Some policies might include things like chiropractic and other alternative treatments, counselling, physiotherapy, and hospice care. Others might have better coverage for emergencies. These supplemental inclusions can make a huge difference during times of need, so take time to assess and weigh your priorities.
Leverage Tax Credits
Now that you’ve found a suitable plan, the next step is to lower the costs you’ll incur. Taking advantage of tax credits is perhaps the easiest way to go about this. These subsidies will either reduce your monthly premiums or offset part of your tax bill. Go to your state’s affordable health insurance Colorado marketplace to check whether you’re eligible, and how much you qualify for; the size of your household and total income will be the key determinants.
Pay Attention to Total Costs
Monthly premiums aside, there’re a few other costs you’ll be responsible for, including co-insurance, co-payments and the deductible. A little research might be necessary to get familiar with these terms but, in general, your premiums go up as the other costs go down. This could be beneficial if you have frequent care needs, or expect to be seeing your doctor often over the course of your plan. Otherwise, there’s no harm opting for a plan with lower premiums as long as you’re comfortable with — and can afford — a higher out-of-pocket charge when you make a claim.
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