The world of health insurance can be intimidating. There are so many industry terms, as well as different types of plans with different coverage options and prices. Doing all of the necessary research to find the plan that fits your needs can feel overwhelming. You can opt for a short-term insurance plan that offers the basics and are fairly cheap, or a more comprehensible insurance plan. On top of trying to figure out which type of plan suits you, there are ways to save money on insurance that you could miss out on if you don’t know where to look. Here at EZ, we understand how intimidating it can all be, which is why we have some tips for making the process a little less unnerving.
1. Know The Terminology
The first thing you should do when jumping into the world of health insurance is familiarize yourself with the terminology. All of these terms can seem confusing, but they don’t have to be. Here’s a breakdown of some of the most important ones to know:
Premium– the fixed monthly rate that you pay the insurance company to cover you and your family. Premiums do not count towards meeting your deductible.
Deductible– a fixed amount you must pay before the insurance company either reimburses you or covers medical expenses. For example, if your deductible is $1,500, and you go to the doctor and get a procedure $3500 done, then you must pay $1500 first. Then, your company should take care of the last $2000, minus the amount of coinsurance you owe.
Coinsurance– Once your deductible is met, any insurance-covered procedure, treatment or service will result in a medical expense. The most common division of coinsurance is 80/20- health insurance companies pay 80%, you pay the remaining 20%. For example, in the above-mentioned scenario, you would have to pay 20% of it $2,000.
Copayment– a set amount you pay whenever you use a specific type of healthcare service. You can have a copay for primary doctor visits, specialist doctor visits, ER visits, as well as pharmaceutical copays on prescription drugs.
2. Know Your Budget
Before you start choosing specific insurance plans, weigh how much you are willing and able to pay for health insurance against your healthcare needs. Are you relatively healthy and just need the basics, or do you have a chronic condition and need more comprehensive coverage? These factors will play a big part in how much your monthly premiums will be versus how much your deductible will be.
If you are healthy, then a high-deductible health plan might be your best option. These plans offer low premiums and a high deductible- the thinking behind choosing a plan like this is that, since you are healthy, you will hopefully never have to pay your full deductible. It sounds like a bit of a gamble, but it can be worth it to save money on premiums.
If you need more coverage, then an ACA plan, or private plan that is offered by brokers or agents will work best because these plans offer more comprehensive coverage. There are different types of plans such as HMO plans with limited network coverage, and PPO plans that offer more in-network coverage (which costs more).
3. Know How To Save Money
After you’ve explored the different plan options available to you, don’t forget to look into the money saving options that come with some of these plans! You can save some extra money with:
Subsidies– If you make between 100%-400% of the poverty line, then you are eligible for subsidies when purchasing plans on the ACA Marketplace. There are different kinds of subsidies:
Cost-sharing reductions-Cost-sharing reductions are discounts that lower your deductibles, copayments, and coinsurance. Your eligibility for these extra savings is determined by your household income.
Advance Premium Tax Credit– This is a tax credit that you can use to lower your monthly premiums. When applying for Marketplace health insurance, you estimate your expected income for the year. If you qualify, you will receive an advance tax credit that you can apply to the cost of your monthly premiums.
Health Savings Accounts (HSAs)- If you do go the route of getting a high deductible health plan (HDHP), then an HSA will help you save money. These accounts allow you to save up money to use for qualified medical expenses.You can contribute money to this account tax-free and allow it to roll over every year, but you can only have one of these plans alongside a qualified HDHP.
4. Get A Good Agent
If you are in the market for a health insurance plan, eliminate the hassle of doing all the research yourself and contact an agent. EZ.Insure offers highly trained agents in your area who can answer questions about all of these topics, and more. With us, you’ll speak with an actual human being, not an automated phone system. We will provide you with your own personal agent who will search and compare all available plans in your area, for free. Get the answers you are looking for quickly and at no cost. No pressure, no gimmicks. To get instant quotes, enter your zip code in the bar above. Or if you would like to get specific answers, speak to an agent by calling 888-350-1890.
The holidays can bring on a lot of stress, accompanied with anxiety, and depression. This is known as the “holiday blues”. If you feel these blues, just know that you are not alone, because it can affect anyone at any age, and are mainly triggered by a life event. Not to mention the pressure to impress people with gifts, attend parties, and deal with family or toxic people contributes to the blues. The holidays are also a time that people remember those who are not there any longer to celebrate. Some things that one may feel, especially if they have mental health ailments, are fatigue, tension, frustration, loneliness, and sadness. But there are ways to tackle on the blues, and tips you can do to minimize the stress and depression.
In order to reduce stress theis holiday season, try to budget in advance and save money.
Budget
It is okay to opt out of gift exchanges if your budget is tight. or if finances are a stressor for you. Instead of buying presents for everyone, ask them to donate to charity instead, create a homemade gift, or a low budget activity for you all to do. If traveling is too expensive for you, then ask family or friends to help pay for the ticket instead of giving you gifts. If you can not make it, then ask to skype, or FaceTime with the person, or persons so that you can still be a part of the festivities. Plan your budget in advance so you know what you can do.
It Is Okay To Say No
The seasons are a difficult time, especially when you commit to too many functions, or to unrealistic expectations. If you say yes to something when you should say no, it only causes a rush of overwhelming and resenting feelings. Our schedules are hectic enough with work, and limited time off. Do not try to be too many places at once, because then you can not enjoy the time. You will be too busy rushing to get to the next party, or worry about hosting your own. Go at your own pace, learn to say no. You can say no to some of the parties and choose to spend more quality times with the people you do choose to see. Prioritize and stick to your limits.
This also goes for family functions. If you are not comfortable about doing something or being around a toxic relative, then you do not have to. We all have that one or multiple toxic family member that always says something witty, and push the limit. Set boundaries with your family. If a toxic family member talks with you, then just remove
Spend some time focusing on you this holiday season. Listen to some music or so something for yourself.
yourself from the conversation.
Get Some Me Time In
Take a breather from the busy schedule you have set and make time for yourself, Spend some time alone, whether it is to read a book, go for a walk, or listening to some music. Relax and refresh from everything you need to do so you can reduce stress.
Stay Healthy, Don’t Overindulge
Think about all the desserts and foods you will be eating and drinking during the holidays! While some of us can’t wait or stay away from the treats, it is important not to overindulge. Overindulging will cause you to feel bad about yourself and upset that you gained weight and lost self control. Get some exercise, even if it is a short walk. Allow yourself the time to be active, so that you can enjoy all the yummy treats. Try to have a healthy snack or meal before a party, and get a good night’s rest. This way you feel good about yourself and avoid added stress or guilt.
Don’t Isolate Yourself
Loneliness can be a problem for some people during the holidays. But you do not have to be lonely if you do not want to be. You can join a group, volunteer at a soup kitchen, go to community activities, and make new friends. Let your neighbors, friends, or coworkers know you will be alone and would like to get together.
It is okay to grieve those you have lost. Your family can remember them by looking at pictures together.
Dealing With Loss
The loss of a loved one has a major impact on us during the holidays. It is okay to acknowledge the grief that accompanies the holidays. Take the opportunity to keep your loved one’s memory alive by continuing their tradition, looking at old pictures of them, and express your feelings.
Professional Help
If all else fails, and the feelings of depression, stress, and anxiety can not be shaken, then talk about it. Seek professional help from a doctor or mental health professional if you need to. It is not something to be ashamed of, because mental health is just as important as physical health.
Make the holidays an enjoyable time, instead of something dreadful. Use the helpful tips provided to prevent the holiday blues. Focus on you and realize your limitations, but more importantly, have some fun.
Health Savings Accounts (HSAs)- If you do go the route of getting a high deductible health plan (HDHP), then an HSA will help you save money. These accounts allow you to save up money to use for qualified medical expenses.You can contribute money to this account tax-free and allow it to roll over every year, but you can only have one of these plans alongside a qualified HDHP. 
