What are the Best Health Insurance Options in Arizona
Health care has the potential to be very expensive. Many people would not be able to afford the cost of health care left to their own devices. Luckily, health insurance comes in to save the day. The way it works is that you pay a premium each month. If you’re ever in a situation where you need health care, your insurer will pay for a part of your medical costs provided that those medical costs are covered by your plan.
In addition to the above, it is often better to get insurance because insurance companies tend to be able to negotiate cheaper rates from doctors as well as hospitals. A person without health insurance may save a bit from not paying a premium each month. However, if said person gets sick, he/she would need to spend hundreds of dollars from their pocket to cover a doctor visit. If a said person opts for health insurance, he/she will pay a much lesser rate depending on which insurance policy they are paying for.
In Arizona, insurance is offered to people through various metal tiers. Each tier has its pros as well as cons. Lower tier plans result in lower premiums. However, the tradeoff is that they don’t cover as much and result in higher out-of-pocket costs if you become sick. As you might expect, higher tier insurance policies result in higher premiums each month. However, the tradeoff is that they cover a lot more situations and result in cheaper payments for doctor’s visits, medicines and so on.
Let us look at each tier of insurance:
- Bronze and Catastrophic Plans - These plans are great for people who are healthy who expect low medical costs in the future. Catastrophic plans are only available to people who are younger than 30. Bronze plans are in a similar boat as catastrophic plans. Bronze, as well as catastrophic plans, have the cheapest monthly premiums. However, their high deductibles, copays, as well as coinsurance, usually result in large bills before the coverage in kicks in.
- Silver Plans – These plans are great for people with low incomes. They serve as a great bridge between bronze and gold plans. They offer a combination of cheap monthly payments along with out of pocket expenses if medical care is required.
- Gold plans – In Arizona, gold plans are on average 27% more expensive than their silver plan counterparts. While they do have the highest premiums, they result in variable expenses which are much lower. If you have high expected medical expenses such as ongoing prescription needs, gold plans tend to be the best because they make these necessary expenses cheaper.
Most people think of health insurance as something people use when they’re sick. However, health insurance can keep you healthy with the various preventative services that many health insurance plans offer. Visiting a doctor regularly for routine check-ups as well as getting recommended screenings puts you in a good place to prevent serious conditions down the road.
In addition to the above, there are plenty of health plans which offer wellness programs as well as large discounts on health products and services. Think of it like this, if insurance companies do their best in getting you to take preventative measures through regular check-ups and the like, it results in lower costs for them down the line. Many health insurance companies also offer you discounts on your premiums if you go for regular checkups to your doctor. Health insurance should be treated as a necessity because it prevents you from losing your nest egg in case you run into serious issues in the future.