The healthcare market has reopened. Here’s what you need to know

Well, it’s that time of year again, and if you’re like me, you rely on the health care marketplace for your health insurance, once again to disruption. Choosing a health insurance plan from all that the Market has to offer can be a confusing and tedious task, but I just did it and here to help you navigate the process a little easier.

Here’s what you need to know.

1. Always start with medical loans.

Don’t skip the part where you provide the website with your income and tax information because this step can save you a lot of money. Even if you think you earn too much to qualify for any tax benefits, you may well be surprised.

Because they reduce your premium immediately rather than having to wait to use them on your tax return, they are incredibly helpful in getting the calculation right. Every health insurance plan you review will show premiums based on your credits.

This way, you can include information about your new health insurance plan directly into your budgeting app and be prepared for what your expenses will be in 2025. If you don’t have a budgeting app you already like, check out our curated list of budgeting apps that get the Motley Fool Money endorsement.

2. Use filters to narrow down your selection.

In addition to knowing your expenses, you need to choose a health insurance plan that will cover your actual doctors. I know it can be difficult. Where I live now there are only three health care systems, which makes things a lot easier, but when I lived in Dallas-Fort Worth, there were dozens of options. Using filters will help you see which doctors and systems will be covered by potential health plans, so you don’t have to go to your own doctor outside of your health network.

This mistake can cost you thousands of dollars and render your health plan virtually useless at doing its job. So always, always make sure that every doctor you see has insurance before you sign up for your health insurance plan.

3. Know your healthcare costs

There are several elements of your healthcare costs that you need to understand, and how they interact will affect how much you’ll pay for healthcare in the next year. These are yours:

• Franchise
• Maximum Cash Output (OOP)
• Additional payments
• Coinsurance

Your copay and coinsurance is essentially the amount you pay every time you see a doctor. They usually don’t kick in until you’ve reached your deductible (meaning you’ve spent a certain amount on healthcare), but I’ve noticed a few plans this year that state that copays and coinsurance start immediately, so read on everything about it carefully. Copayments and coinsurance apply to both pharmacy benefits and medical benefits.

Another thing to be aware of is your out-of-pocket maximum. This is the most important element for me because I take incredibly expensive medications. So, I always try to coordinate my OOP with my medication so that it doesn’t take long to achieve. Once you reach your out-of-pocket maximum, that’s all you pay for health care while you’re in network.

Need three eye surgeries and a bandaged leg? No problem. All of this can be found online as soon as you meet your OOP.

The one thing to keep in mind in all of this is that if you have a low deductible and a high OOP, it can take a very long time to reach that OOP since you will be paying significantly less toward that amount once your deductible is met. coated. If you don’t think you’ll reach your OOP, a low deductible makes the most sense, but if you’re like me, a higher deductible may be the best answer.

It’s market time, find a plan for yourself

I think Marketplace season is the most scary time of the year because the decisions you make now could seriously impact you next year. Although it’s only been a year, if you have serious medical needs, it could be a costly mistake if you make the wrong call.

If you can’t make a decision on your own, local insurance adjusters will often wait for you to call them. They do not charge for their services (they are paid by the insurance company) and can help you navigate your needs and wants for your health care.

Working with an insurance expert also means you can do other things, like shop around for a life insurance plan (or choose one from our curated list here), change your car insurance, and find cheaper homeowners or renters insurance.