computer-1185626_1280There are a number of reasons you might find yourself shopping independently for health insurance, whether due to losing a job, starting your own business, or losing your employer-sponsored coverage. Finding the right coverage is essential, not only for your physical health, but also for your financial well-being.

The process can be daunting, more so now that ever thanks to the Affordable Care Act and a number of other health care reform measures, but that’s no reason to procrastinate or delay this important process.

Below are 7 steps to help you find the right coverage for you and your family.

  1. Determine whether you qualify for Medicaid. If your income falls below a certain range, as specified by your state, you may qualify for coverage.
  2. See if any premium tax credits apply. Again, depending on your income, you may be eligible for a government tax credit to purchase coverage through the online health insurance marketplace, or exchange.
  3. Compare marketplace vs. private insurance. If you don’t qualify for a tax credit, then consider whether you want to purchase insurance through the exchange or directly from a private insurance carrier.
  4. Evaluate the importance of your providers. If you have health concerns or otherwise desire to stick with certain doctors or specialists, it’s worth finding out which companies they work with before seeking coverage.
  5. Research plans. While all health insurance plans are required to provide certain core benefits, many differ on coverages for certain services, prescription drugs, etc.
  6. Compare costs. While premiums are certainly a big concern when evaluating the cost of plans you’re considering, don’t overlook costs like deductibles, copays, and non-covered services.
  7. Consider the services of a broker. You can tackle all of the above steps on your own, or you can simply call or email a broker who can do all the legwork for you. Since health insurance rates and coverages are regulated by law, they won’t change whether you use a broker’s services or go it alone.

Contact Sequoyah Group today if we can help you with finding the right coverage for you and your family.