Low-cost health insurance plans may seem like a good deal, but there’s always a catch.
Lower-priced insurance plans usually come with a higher deductible, which means if you find yourself in the emergency room or are suddenly diagnosed with a chronic condition, you could end up with a lot of medical bills.
Regardless of the plan you choose, if you find a plan through the health Marketplace, the Affordable Care Act limits the amount you pay out of pocket to $9,450 for an individual or $18,900 for a family for in-network care, according to healthcare.gov.
Many carriers offering low-cost plans have developed their own network that you may be obligated to use. This means you will have to use the hospitals, doctors and services the carrier has chosen for you. You often will not be able to go to a doctor or health center of your choice and use your insurance. You may also have to drive further to get to an in-network hospital or primary care physician. If you choose to visit a doctor or hospital that is out of the network created under your plan, you could incur additional costs.
Before choosing your health plan, do your research and ask questions about the plans you are considering. Make sure the network covers your needs and you can afford the out-of-pocket expense.
The team at UROne Benefits™ can help you find the right insurance plan for your needs at the right price. Contact us here or at 1-800-722-7331.
This post was originally published in February 2017; updated February 2024.