What is Health Insurance?
Health insurance is the legal agreement between the policyholder and the insurance company in which the latter pays the former for all their medical expenses incurred.
The insurance company generally goes for the cashless treatment or reimburses the amount per their bill. The insured person has the advantage of the tax benefits on the premium paid by the tax policy.
Important things about the health insurance in Florida:
If you want to get affordable health insurance Florida, you should know some of the essential things which are listed below:
- Marketplace plans
- Open enrolment
- Special enrolment period
- Health Insurance Marketplace
- Premium Tax Credit
- More Coverage types
If you don’t have employer-sponsored coverage or your employer coverage does not meet the specific requirements, you can buy the marketplace health insurance plan.
The open enrolment for health insurance coverage in Florida starts in 2022 and runs from November 1, 2021, through January 15, 2022. The enrolment for 2022 is already completed.
Suppose you cannot buy the market plan until the following year if you miss the open enrolment. You can buy the affordable health Insurance Floridamarketplace plan if you qualify for the special enrolment period.
Special enrolment period:
You can sign up for the special enrolment period outside the open enrolment. There is a lot of chance available for qualifying for the special enrolment if you have a qualifying life event that may cause you to lose coverage.
Example- losing your current job, moving into the family life like getting married or having a child. You can extend 60 days from the time of the event for selecting the new plan.
Health Insurance Marketplace:
Florida uses the federal Health Insurance Marketplace if you want to get an Advance Premium Tax Credit which helps to cover your cost.
Premium Tax Credit:
You can purchase the coverage directly from one of Florida’s health insurance companies if you are not qualified for the Advance Premium Tax Credit.
More Coverage types:
More than 40% of Florida residents have employer-sponsored health coverage. Many other coverage types in which the people are enrolled are 17.4% Medicaid, 18% Medicare, and 9.5% non-group health plans. Nearly 135 Florida residents have no health coverage.
Step to enroll in Florida Health Insurance Marketplace:
Florida is one of state among the 36 states which does not have a separate website for registering health insurance coverage. Following are the steps to enroll in the Affordable Health Insurance Florida Marketplace:
- Visit the HealthCare.gov
- Start your enrolment
- Register an Account
After you apply for health insurance, the health insurance marketplace will check your eligibility for Medicaid. You qualify for an Advanced Premium Tax Credit using the information they provide.
Check your name, birth date, and social security number for all your family members are correct before starting your application process. The application also has some questions related to your income and family.
Cost of Health Insurance plan in Florida:
The Health insurance plan is generally classified into four tiers, Bronze, Silver, Gold, and Platinum. Each plan is assigned to a tier that mainly depends on the monthly premium and the annual deductible. It is most important to select a plan based on the coverage’s total cost.
Average Premium in Florida in 2022:
- Bronze plan is $346.
- Silver plan is $453.
- Gold and Platinum plan premium are $480.
The bronze plan is the lowest monthly premium. For the exchange of the low premium, you will have a high annual deductible. If you don’t have any issues related to chronic health conditions and want coverage only for emergency purposes, you can choose the Bronze plan.
The silver plan is a higher premium than the Bronze plan and has a low annual deductible. Cost-sharing is available for the silver plan. If you qualify for the cost-sharing, you can get the silver plan for less than the bronze plan.
Gold and Platinum:
Gold and Platinum usually have the highest monthly premium and have lower deductibles and insurance requirements you have a gold plan, you should pay 20% of each service you receive. Then with the Platinum plan, you need to coinsurance requirement dips. If someone has a chronic medical issue, the gold plan is the best.
Getting a health insurance policy is always a good decision. Before applying for affordable health insurance Florida, get to know all the essential things. Select the best plan which suits your family members.