health insurance Arizona

health insurance Arizona

health insurance arizona
• Arizona residents use HealthCare.gov to enroll in exchange plans
• Open enrollment for 2019 coverage in Arizona ended on December 15, but enrollment is still possible for Arizonans who have qualifying events.
• Short-term health plans are available in Arizona with initial plan terms up to 185 days.

• Five insurers offering plans for 2019, but rural areas still have just BCBSAZ.
• Average premiums are 6.3 percent lower in 2019, but average premium subsidies are significantly smaller in some areas.
• Arizona’s uninsured rate has dropped by 41 percent since 2013, but is still higher than the national average.
• Overall exchange enrollment dropped by more than 15% in 2018, with 166,000 people enrolling.

• Arizona has expanded Medicaid, but is seeking federal approval for a work requirement and lifetime coverage limit.
• Slightly less than 18 percent of Arizona residents are enrolled in Medicare. Of those, 39 percent were enrolled in Medicare Advantage.
• After the 2018 election, Arizona’s congressional delegation tilts slightly in favor of the ACA.

Some things in life are taken for granted and the privilege of having health insurance may be one of them. Employers have to give their employees some kind of benefit program in their overall compensation package. The employee expects it and enjoys the security of having good health insurance. Everything changes when the employee leaves the employer. Insurance decisions have to be made. No one can escape from this process. The employee soon finds the cost to continue the insurance to be much more than expected and they start scrambling for alternatives. Are there alternatives? What can be done to reduce the cost?

There has been a major shift in thinking by the insurance buying public over alternatives to lowering the cost of health insurance. Low deductibles are a thing of the past. It has taken some time to change the thinking about having low deductibles. Low deductibles mean less out of pocket expense. It works the opposite in today’s market for health insurance. The premiums paid for lower deductibles are so high that it no longer makes sense to have them. The higher deductibles reduce the premium dramatically. There are deductibles as large as $5000 in some health insurance plans.

Two Alternatives

  1. Take the highest deductible that you can afford. This is called self-insuring. You are insuring yourself for the deductible amount in exchange for a lower premium.
  2. Start a Health Savings Account. This is a savings account that is used for medical expenses only. This is a fantastic way of putting money aside for the out of pocket deductible amount and any additional medical expense. The best part about it is that the health savings account is tax deductible. See your tax advisor or accountant on how to set up this plan.

Insurance is a great place to start to lower your monthly bills. We hope that this will help you analyze your next quote. Please refer to our recommended source for insurance quotes of all types.