Health insurance is a crucial thing to have for both yourself and your family. Even a routine doctor visit can be hundreds of dollars, and the costs of prescription medications are simply unaffordable for many households without an insurance plan helping carry most of the costs. You usually only get one chance per year to shop for health insurance, so make the most of it when you can.

5 Tips for Hassle-Free Health Coverage Shopping

Health insurance is a huge deal and sometimes quite complicated, but you can use these five steps to minimize the complexity of it all:

1. Know the Basics: At a minimum, know what the difference is between copays and coinsurance. These kinds of details can wind up costing or saving you thousands of dollars if you need a lot of care. Deductibles are what you have to meet yourself before full coverage kicks in during the year the policy is in effect, but the out-of-pocket maximum is the most you will pay. Premiums are the monthly amounts you have to pay every calendar month in order to keep your policy active and current.
2. Do Research: The more you can read up on all of this, the better. Certain details might change from year to year, but the basic fundamentals usually don’t shift that much. The big thing to research is the specific plans you look at. Make sure your doctors and medications are included in-network. Also, know whether or not you need catastrophic, basic, or comprehensive care. These might also be listed as bronze, silver, and gold.
3. Forget Company Loyalty: This can actually happen in two different ways. First, you might miss opportunities for great health insurance coverage just by sticking with your employer-sponsored plan. Second, being overly loyal to one health insurance company can mean missing out on more cost-effective plans from other carriers.
4. Shop Around: Even if you have options through your employer, it might be worth checking out the government marketplace for options. It can even be worth checking out the private market for choices available to you, just to be as thorough in all this as you can.
5. Determine Your Subsidy Qualifications: Many Americans qualify for some level of subsidy for their health insurance if they get it through the marketplace set up by the government. You can save a lot of money on your health insurance by doing this.

Some Things Get Better With Age

If you’re old enough, you might be able to qualify for certain Medicare plans in major US states such as Arizona. Depending on your needs, you can get in-patient coverage, outpatient coverage, or a mix of both. Prescription drug coverage is also available. While the program was started by the government, it can often involve private companies who administer the actual benefits. Arizona is a popular retirement state, and Medicare is often made available to senior citizens. This coverage is the total health coverage for many, but a lot also use it in conjunction with another policy for more comprehensive coverage.

Do You Need Health Insurance?

According to Policy Genius, the answer to this question is a definitive and resounding yes, in all cases.

The health insurance mandate and tax fine were a controversial element to the Affordable Care Act in its original form. However, Congress later overturned the federal penalty for not having coverage. As such, many citizens assumed they could skip having health insurance without penalty.

While that might be true at the federal level, a handful of states have their own penalties for skipping out. That would be on top of the personal risks you would take in doing so. Healthcare is expensive, and just one diagnosis can bankrupt you.

Don’t Miss Your Window

Most health insurance plans have an open-enrollment window when you can pick insurance for the following calendar year. Government-sponsored plans usually have become available from the middle of November to the end of December, and many employer-sponsored plans follow suit. Be sure you get coverage when you can so you are covered for the year that comes next.