Should I enroll in a health plan through Obamacare?

If you are looking for health insurance, why wouldn’t your first stop be a marketplace exchange?

Both marketplace and individual insurance is regulated by state and federal laws. Both sources of insurance are operated by private insurance companies and both must comply with all the provisions of Obamacare including the minimum benefits provided.

There are really three basic things to consider: 1⃣ The premium you will pay, 2⃣ your deductible and co-payments (out-of-pocket costs) and 3⃣ the health care providers in the network and whether or not you can receive health care out-of-network, perhaps at higher cost.

Even with some of the complexity, using the marketplace makes comparison shopping easier. For one thing you know that bronze plans are the least expensive in terms of premiums, but with higher out-of-pocket costs and platinum plans are the opposite. In between are the silver and gold plans.

Health Plan Categories
Plans in the Marketplace are primarily separated into 4 health plan categories — Bronze, Silver, Gold, or Platinum — based on the percentage the plan pays of the average overall cost of providing essential health benefits to members. The plan category you choose affects the total amount you’ll likely spend for essential health benefits during the year. The percentages the plans will spend, on average, are 60% (Bronze), 70% (Silver), 80% (Gold), and 90% (Platinum). This isn’t the same as coinsurance, in which you pay a specific percentage of the cost of a specific service.

The bottom line is that you should obtain health insurance that provides the best deal you can find, for most people that usually will be employer coverage first, a marketplace plan next and then individual coverage.

Why wouldn’t you obtain coverage that is most beneficial to you and your family?