What health insurance should I get?
Our Health Insurance Finder tool helps you see your options when you're looking for health insurance coverage so you can find a health plan that fits your needs.
How to choose health insurance is key to your and your family's financial well being. Choosing a health insurance plan requires research, understanding the topic and knowing what you want out of your health plan.
How to choose health insurance
Finding the best health insurance depends on how you can get coverage.
Are you employed? Does your job offer health insurance? Are you under 26 and can stay on a parent’s plan? Do you qualify for Medicaid in your state? Can you get subsidies to help pay for an Affordable Care Act (ACA) plan?
With the Health Insurance Finder tool, we offer possible health coverage based on your situation. It also provides information about health insurance plans, such as preferred provider organization (PPO), health maintenance organization (HMO) and high-deductible health plans (HDHPs) to help you make the best decision.
Meanwhile, the individual market plans are classified by metal tiers, which we provide in the tool.
When choosing a plan, you’ll want to think about your finances, health care needs and what you want from a health plan. For instance, would you prefer health insurance with a higher premium but lower out-of-pocket costs when you need health care? Or would lower premiums and higher out-of-pocket costs a better decision for you? You’ll want to think about that when choosing a plan.
What to look for in health insurance
When comparing plans, review a health plan’s:
- Premiums
- Deductibles
- Coinsurance
- Out-of-pocket maximums
- Copays
- Provider networks
- Prescription drug coverage and costs
Once you know avenues for coverage, what you want from a health plan and compare your options, you can find a health insurance plan that best meets your needs.
Health insurance options
A few ways to get health insurance include:
- An employer-sponsored health plan
- An individual health plan
- Medicare
- Medicaid
- COBRA
An employer-sponsored plan is how most working-age people get health insurance. A plan from your job is often more affordable than getting an individual plan. An employer helps pay your premiums -- usually well more than half of the costs, which means you’ll find cheaper plans through a job than buying a plan on your own.
An exception is if you get an individual plan through the ACA marketplace. People whose household income is below 400% of the federal poverty level are eligible for cost-saving subsidies to reduce premiums and out-of-pocket costs.
If you’re not eligible for those subsidies, individual health plans can cost much more than an employer-sponsored plan.
Medicare and Medicaid are limited to people who qualify. Most people with Medicare become eligible when they turn 65. Medicaid is based on income. Each state has its own Medicaid eligibility, though it’s usually people below 138% of the federal poverty level.
Meanwhile, COBRA is available to most people who lose or leave their job. COBRA coverage is temporary and is expensive. However, COBRA offers you the chance to extend your former employer’s health plan for 18 months.
Now that we’ve discussed possible health insurance avenues, check out the Health Insurance Finder tool to find a plan that fits your needs.