Getting health insurance for 2020 doesnt need to be a long or stressful process. Use our quick guide on everything you need to know about the best health insurance plans in South Carolina before you choose a health insurance provider.
How do you get health insurance for the upcoming decade? First, lets go over how health insurance works and the total amount youll pay for coverage.
Health insurance is a type of protection that safeguards your finances against the rising cost of health care. If you dont have health insurance and you get into a car accident, you might be responsible for paying tens of thousands of dollars in hospital bills. But if you have health insurance, your insurance will cover the bulk of your expenses. Health insurance is an absolute must-have because an accident can happen at any time to anyone.
Most Americans get their health insurance through their employer or through the governments Medicare program if theyre over 65 years old. However, if youre self-employed or an independent contractor, you can still buy an independent plan through the Affordable Care Act (ACA) marketplace. Create an account on Healthcare.gov to be directed to the marketplace and explore your choices.
When you compare plans, you might have trouble understanding what exactly youll pay for each plan. Lets go over the total cost of individual health insurance.
First, youll get a premium. Your premium is the amount of money you pay to your insurance company every month to keep your coverage current. You must pay your premium every month even if you dont use your benefits during a specific month. If you do need to use your health insurance, youll pay 100% of your health care costs until you reach your deductible. Your plan deductible can range from $0 to a few thousand dollars, depending on your plan provider.
Once you reach your deductible, you pay coinsurance. Your coinsurance is a percentage of your care costs you pay after you meet your deductible. Your insurance covers whatevers left over. For example, lets say you go to the doctor and receive a bill for $100. If you have a 20% coinsurance rate, youll pay $20 your insurance will pay the remaining 80%.
This continues until you hit your annual out-of-pocket maximum. Your out-of-pocket maximum is the maximum amount that youll pay for your health care costs in a single year. Once you reach your maximum, your insurance covers 100% of your health care costs after that point. Once the new year arrives, all of these numbers reset and you must reach your deductible again.
The average adult with an individual health insurance plan in South Carolina pays about $527 each month for his or her health insurance. You may qualify for subsidies through the Marketplace if you have very low income. Begin by creating an account on Healthcare.gov to see which subsidies you may qualify for.
When you start shopping for health insurance, youll likely see multiple types of plans offered by a single insurance company. Understand each acronym to help ensure that you choose the best plan for your needs. These are the 3 most common plan types youll see in the ACA Marketplace:
The ACA introduced a set of essential benefits that every long-term insurance provider must offer with each of its plans. Every plan on the Marketplace covers at least these required services:
Your plan must also cover FDA-approved birth control if youre a woman. This coverage extends from birth control pills to Plan B. You may not have access to this benefit if you get your insurance through your employer and you work for a religious institution or nonprofit.
By law, your insurance provider must only offer coverage for the essential benefits listed above. This means that most insurance providers dont extend their coverage beyond these benefits. Here are some exclusions youll likely see on your insurance plan.
Lets take a closer look at some of the best insurance providers youll see on the Marketplace.
Blue Cross and Blue Shield of South Carolina is the only South Carolina-native company that offers health insurance to residents of the Palmetto State.
Blue Cross and Blue Shield prides itself on its selection of affordable individual policies. It has individual health insurance options and $0 premiums available, though these plans do include higher deductibles and coinsurance percentages. Blue Cross and Blue Shield also offers access to one of the largest South Carolina-specific state networks. No matter where you live, youll be able to find a doctor near you.
BlueChoice is another statewide health insurance provider in South Carolina. It offers plans in most ZIP codes. BlueChoice plan holders get access to a number of benefits and discounts for additional health services which range from local fitness centers to Jenny Craig weight-loss programs.
Its mobile app contains all the information you need to use your benefits on the go, and it even offers virtual consultation functionality. You can also sign up for text messages to remind you of upcoming visits, appointments and due dates.
UnitedHealthcare might be right for you if youre looking for an insurance provider that offers a wide range of plan options. UnitedHealthcare offers ACA-compliant family and individual plans and group plans for business owners.
UnitedHealthcare also offers affordable short-term health insurance plans, dental and vision coverage and Medicare supplement options. UnitedHealthcare offers a plan for everyone, from standard individual policies to supplemental policies for those with special needs.
Absolute Total Care offers South Carolina residents a simpler way to get signed up for a plan and understand its benefits. Absolute Total Cares plans include discounts for taking proactive steps to improve your health, like joining a gym or losing weight.
Its Ambetter Telehealth service allows you to chat with a doctor on the phone at any hour of the day or night and its online resources allow you to quickly see which prescription drugs are included on each plan. These 2 factors can be a huge benefit if you take a higher-tier prescription medication that isnt covered under other insurance plans.
Aetna is another nationwide health insurance company that offers everything from individual ACA plans to Medicare supplemental options.
One of the biggest benefits of getting your insurance through Aetna is that you gain access to its useful and intuitive online health portal. You can search for prescription drugs, view doctors offices in your area that accept your insurance and manage your claims. Aetnas website is also helpful if youre new to the health insurance Marketplace. It offers plenty of information in easy-to-understand terms.
No matter which health insurance plan you choose, your journey begins with a trip to the ACA Marketplace. Begin by visiting Healthcare.gov and signing up for a Marketplace account. Just enter some information about your address, your income and your personal information and youll be matched up with plans that offer coverage in your area. Remember to leave yourself plenty of time to compare insurance options before you choose a plan Open Enrollment for 2020 ends December 15.
1
Q: Is health insurance required?
asked 2019-11-25
Sarah Horvath
1
The federal mandate that required health insurance has been lifted but some states have enacted state-level mandates that require residents to have health insurance. Even where not required, health insurance can protect your family against catastrophic healthcare costs and help make routine medical expenses more predictable. Get your most affordable quote through our top providers today.
answered 2019-11-25
Benzinga
1
Q: What does health insurance cover?
asked 2019-11-25
Sarah Horvath
1
Most health insurance plans provide the 10 essential health benefits that were part of Obamacare requirements. Coverages include preventative and wellness services, prescription drug coverage, emergency services, ambulatory services, lab services, pediatric services, and more. Many plans cover a wider range of healthcare expenses but may cost more than basic plans or may have higher out-of-pocket costs for some services.Get a custom health insurance quote to cover you and your family today.
answered 2019-11-25
Benzinga
1
Q: How can I save money on health insurance?
asked 2019-11-25
Sarah Horvath
1
For healthcare plans that comply with the Affordable Care Act, only a handful of rating factors affect your premium. These include age and location, at least one of which cant be changed. Smokers will pay more in most cases and your choice of plan level can affect premiums as well. Choosing a high deductible health insurance plan can reduce the cost of premiums. These plans can be combined with a health savings account to take advantage of tax-free savings for healthcare expenses. Get the cheapest health insurance premium from top providers.
answered 2019-11-25
Benzinga
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5 Best Companies for Health Insurance in SC Benzinga - Benzinga
