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Have You Chosen the Right Healthcare Plan for Your Family?

Have You Chosen the Right Healthcare Plan for Your Family?

Unless you have health care coverage and benefits under your employer, the task now falls to you to select the right healthcare plan for you and your family. Since the passing of the Affordable Care Act (ACA), also known simply as “Obamacare,” it is now mandatory for each person to select a healthcare plan or risk paying a penalty annually at tax time.

So learning the ins and outs of the still-complicated healthcare system is now an urgent necessity. In this post, learn more about how the Affordable Care Act provides you with options so you can choose the right plan for your family.

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An Overview of Obamacare Health Insurance Plans

The federal government’s healthcare website, Health Insurance Marketplace, offers you an overview of how Obamacare insurance plans are structured to work.

For example, there are 5 categories of health insurance plans you can choose from, listed here in order from least amount of coverage (and lowest premium) to highest:

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  1. Catastrophic
  2. Bronze
  3. Silver
  4. Gold
  5. Platinum

There are also different types of plan structures, including these:

  • HMOs (health maintenance organizations). You must use providers that participate in the plan and may need to live in certain geographic areas.
  • PPOs (preferred provider organizations). You can use any provider but will pay less if you use providers that participate in the plan. You don’t need a referral to see a specialist.
  • POS (point of service plans). After getting a required referral from your primary care doctor, you will pay less by using the providers in the plan.
  • EPOs (exclusive provider organizations). You will be covered if you use the providers in the plan’s network.
  • HSAs (health savings plans). You can save up a certain amount annually on a tax-free basis to use for approved health care expenses. Usually, HSAs are a benefit included as part of a health plan.

How to Save Money on a Family Health Care Plan

The Affordable Care Act maintains that financial assistance in the form of a subsidy is available for individuals and families whose income falls below a certain threshold. But in order to get the subsidy applied to your monthly health care premium, you must purchase your healthcare plan through the Health Insurance Marketplace.

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The website will walk you through how to calculate how much of a subsidy you may qualify for by inputting certain personal and financial information. You can then choose whether to apply all of your subsidy, part of it or none of it. You can also reserve part of it to purchase optional dental or vision coverage.

Another way to save money on a family health care plan through the Marketplace is to choose a lower level of coverage. Platinum, as the highest level of coverage, will come with the highest premiums. Bronze, as the lowest level of coverage, will come with the lowest premiums (save for Catastrophic, which is a category only certain individuals are eligible to choose).

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If you choose to work with an insurer, you can get free insurance quotes to decide on the most affordable premium for the level of coverage you need.

How to Decide How Much Coverage Your Family Needs

The best way to determine how much coverage you may need is to take the health history of each family member. You can then start with any ongoing issues that require medical treatment and review each plan to ensure the level of coverage is adequate to address those issues.

It is also important to remember that, under Obamacare, preventative health care services for women have expanded and pre-existing conditions can no longer be disqualified by insurers. Also, in some plans, dental and vision care is automatically provided for minors. In this way, these new plans strive to give you the most coverage economically.

Featured photo credit: pexels.com via pexels.com

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Kevin Faber

CEO Silver Summit

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Last Updated on March 24, 2021

8 Smart Home Gadgets You Need in Your House

8 Smart Home Gadgets You Need in Your House

We’ve all done it. We’ve gone out and bought useless gadgets that we don’t really need, just because they seemed really cool at the time. Then, we are stuck with a bunch of junk, and end up tossing it or trying to sell it on Ebay.

On the other hand, there are some pretty awesome tech inventions that are actually useful. For instance, many of the latest home gadgets do some of your work for you, from adjusting the home thermostat to locking your front door. And, if used as designed, these tools should really help to make your life a lot easier—and that’s not just a claim from some infomercial trying to sell you yet another useless gadget.

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Take a look at some of the most popular “smart gadgets” on the market:

1. Smart Door Locks

A smart lock lets you lock and unlock your doors by using your smartphone, a special key fob, or biometrics. These locks are keyless, and much more difficult for intruders to break into, making your home a lot safer. You can even use a special app to let people into your home if you are not there to greet them.

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2. Smart Kitchen Tools

Wouldn’t you just love to have a pot of coffee waiting for you when you get home from work? What about a “smart pan” that tells you exactly when you need to flip that omelet? From meat thermometers to kitchen scales, you’ll find a variety of “smart” gadgets designed to make culinary geeks salivate.

3. Mini Home Speaker Play:1

If you love big sound, but hate how much space big speakers take up, and if you want a stereo system that is no bigger than your fist, check out the Play:1 mini speaker. All you have to do is plug it in, connect, and then you can stream without worrying about any interruptions or interface. You can even add onto it, and have different music playing in different rooms.

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4. Wi-Fi Security Cameras

These are the latest in home security, and they connect to the Wi-Fi in your home. You can use your mobile devices to monitor what is going on in your home at all times, no matter where you are. Options include motion sensors, two-way audio, and different recording options.

5. Nest Thermostat

This is a thermostat that lives with you. It can sense seasonal changes, temperature changes, etc., and it will adjust itself automatically. You will never have to fiddle with a thermostat dial or keypad again, because this one basically does all of the work for you. It can also help you to save as much as 12% on heating bills, and 15% on cooling bills.

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6. Smart Lighting

Control your home lighting from your remote device. This is great if you are out and want to make sure that there are some lights on. It is designed to be energy efficient, so it will pay for itself over time because you won’t have to spend so much on your monthly energy bills.

7. Google Chromecast Ultra

Whether you love movies, television shows, music, etc., you can stream it all using Google Chromecast Ultra. Stream all of the entertainment you love in up to 4K UHD and HDR, for just $69 monthly.

8. Canary

This home security system will automatically contact emergency services when they are needed. This system offers both video and audio surveillance, so there will be evidence if there are any break-ins on your property. You can also use it to check up on what’s happening at home when you are not there, including to make sure the kids are doing their homework.

Featured photo credit: Karolina via kaboompics.com

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