Get The Facts and Ditch The Fiction About Health Coverage
Health insurance is complicated, which means that among all of the many facts about health coverage you can learn about, there is an equally large number of health insurance myths. If you want to ensure that you get the coverage you and your family need, when you need it, and for an amount that fits your budget, it is critical to separate health insurance facts from health insurance fiction.
Let’s debunk four of Arizona’s most common health insurance myths to help you navigate the health coverage landscape and make informed choices.
If You Are Young and Healthy, You Don’t Need Health Insurance
We all tend to feel invincible when we’re young, making this one of the most popular health insurance myths out there. While plenty of young adults suffer from chronic illnesses or other conditions, most rarely experience serious health problems or regularly seek or need medical care. “That’s for old people,” they may think. “Why should I spend money every month on something I’ll probably never use?” they may ask.
Because accidents happen no matter how healthy or careful you may be, that’s why. So too, do sudden illnesses. If you get seriously ill or injured and you do not have health insurance to cover the vast majority of your medical expenses, you could quickly wipe out any savings you may have, resulting in the burden of overwhelming medical debt that will haunt your bank account and credit ratings for years to come.
Additionally, most health insurance plans offer preventive care services such as vaccinations and screenings for little or no charge. These services may not make you invincible, but they will keep you healthy.
You Can’t Get Health Insurance Coverage If You Have Any Pre-Existing Conditions
A home insurance company won’t issue a policy to someone whose house is already on fire, and a car insurance company won’t cover an accident you had before you obtained coverage. For a long time, health insurance companies could act the same way, refusing to cover people with chronic or recurring health problems.
But that all changed with the Affordable Care Act (ACA). One of the ACA’s defining features was restricting health insurance companies from denying coverage or offering coverage but at much higher premiums based, on pre-existing conditions. No matter your health’s current state or medical history, you can obtain the same health insurance coverage as a healthy individual.
Health Insurance Will Cover All Your Medical Expenses
Health insurance covers many medical costs. If you require extensive care and treatment for such things as cancer, a heart attack, or catastrophic injuries, that coverage will pay hundreds of thousands of dollars in medical expenses. However, your coverage won’t pay for everything. In addition to premiums, you will likely have to pay health insurance deductibles, copayments, and coinsurance. Deductibles are the amount individuals must pay before insurance coverage kicks in, while copayments and coinsurance refer to the portion of costs individuals are responsible for after reaching the deductible.
When evaluating coverage options to ensure that the policy fits your budget, you should understand what you will be out of pocket for such expenses, particularly the level of your deductible.
If You Miss Open Enrollment, You’re Out of Luck Until Next Year
Under the ACA, Arizonans seeking to enroll in individual or family health insurance coverage through www.healthcare.gov can only do so during specific periods. The approximately six-week window for applying for coverage – called the Open Enrollment Period – occurs near the end of each year. If you miss that window, you won’t be able to enroll in coverage until the next Open Enrollment Period. The caveat is that you must have a “qualifying life event.” Such an event allows you to immediately enroll in coverage during a Special Enrollment Period.
The good news is that these “qualifying life events” are relatively common. They include:
- Losing your existing coverage due to job loss, disqualification from Medicare or Medicaid, or aging out of a parent’s plan
- Birth, adoption, death of a named insured, marriage, or divorce
- Moving to an area outside of your current health insurer’s coverage
- Becoming a U.S. citizen
- Being released from incarceration
In addition, you can enroll in health insurance outside of Open Enrollment or Special Enrollment Periods, so long as you are not interested in receiving the premium tax credits for health insurance available to most Arizonans.
Connecting Arizonans To The Best Health Insurance Brokers Since 1980
Arizona Health Insurance Experts is home to the state’s most extensive collection of independent insurance agents and brokers who specialize in debunking the health insurance myths that so many Arizonans believe. The partnership delivers the exceptional customer experience shoppers deserve and the health insurance coverage they need. Find a broker near you today.
