You are using an older browser version. Please use a supported version for the best MSN experience.

10 Things To Check When You’re Enrolling in Health Insurance

GOBankingRates Logo By Cynthia Measom of GOBankingRates | Slide 3 of 11: Which plan level you choose depends on your care needs. “As you can see, it makes sense for a young, healthy person who does not see a doctor more than maybe once a year to buy the bronze plan,” Majidi said. “Of course, there are sometimes unforeseen circumstances, like a sudden illness or accident, that may require more doctor’s visits and possibly a hospital stay, which would end up being very costly if you’re paying 40% of the cost yourself. For this reason, even the healthiest young person who doesn’t have an emergency fund may be better off with a silver plan (paying 30% of costs) or even gold (paying about 20% of costs). In the end, it’s your choice to take as much risk as you want to.” So how do you choose? “Choosing which level of protection you need is a personal decision that should be made based on lifestyle and health,” Majidi said. “If you’re not sure what’s right for you, think about how often you visited a doctor last year. If it was one or two times, chances are you’d be wasting money on a platinum plan, but if on the off-chance that you became gravely ill or had a debilitating accident, you would be saving lots of money. Makes sense, right? The trick is to feel out where your risk level falls in this tier system.” Find Out: 20 Highest- and Lowest-Paying Jobs in Healthcare

Care Needs

Which plan level you choose depends on your care needs. “As you can see, it makes sense for a young, healthy person who does not see a doctor more than maybe once a year to buy the bronze plan,” Majidi said. “Of course, there are sometimes unforeseen circumstances, like a sudden illness or accident, that may require more doctor’s visits and possibly a hospital stay, which would end up being very costly if you’re paying 40% of the cost yourself. For this reason, even the healthiest young person who doesn’t have an emergency fund may be better off with a silver plan (paying 30% of costs) or even gold (paying about 20% of costs). In the end, it’s your choice to take as much risk as you want to.”

So how do you choose? “Choosing which level of protection you need is a personal decision that should be made based on lifestyle and health,” Majidi said. “If you’re not sure what’s right for you, think about how often you visited a doctor last year. If it was one or two times, chances are you’d be wasting money on a platinum plan, but if on the off-chance that you became gravely ill or had a debilitating accident, you would be saving lots of money. Makes sense, right? The trick is to feel out where your risk level falls in this tier system.”

Find Out: 20 Highest- and Lowest-Paying Jobs in Healthcare

© SDI Productions / Getty Images

More from GOBankingRates

GOBankingRates
GOBankingRates
image beaconimage beaconimage beacon