Obamacare: Ten tips for purchasers, part I

With the recent opening of the Affordable Care Act's health insurance Marketplaces and the current government shutdown, shopping for health insurance may be a bit intimidating. Whether you decide to use a state or the federal Marketplace, or shop for insurance on your own, it's important that you know how our current healthcare system and future changes will affect your coverage. In the first of this 3 part series, we'll give you 3 tips for purchasing health insurance.

1. Talk with a licensed agent

Choosing the right healthcare coverage can be confusing and stressful.  That’s why it’s important to consult with a licensed insurance agent that can help guide you through your decision making process.  

2. Make sure you can afford the monthly premiums

A plan that you can’t afford is a plan that won’t work for you.  Insurance premiums are a monthly expense, so you want to make sure you can make the payments on time every month.  If a plan seems too expensive for your monthly budget, it probably is!

3. Don’t ignore deductibles, co-pays and co-insurance

Monthly premiums are only one part of the cost of health insurance.  Most benefits under an insurance plan won’t be paid until you have met your deductible, which can often be thousands of dollars.  Co-pays are the fees you pay when you go to a doctor’s office, and co-pays can be higher if you go to a doctor or hospital outside of your plan’s network.  Co-insurance is the share of costs of covered health services that YOU are responsible for after your deductible has been paid.