Medical bills are one of the leading causes of financial hardship in America, according to the American Public Health Association. Even if you’re young and healthy, a three-day hospital stay could cost you about 30,000$ according to Healtcare.gov. If you’re uninsured, that could wreck your finances.
You can usually get health insurance through your employer. If your employer doesn’t offer health insurance, or if you’re unemployed, you can shop for health insurance plans through the federal health insurance marketplace. Health insurance plans on the federal marketplace may offer subsidies if you meet income and eligibility requirements.
You can also buy health insurance by contacting health insurance companies directly or through a health insurance agent or broker.
If the monthly premiums seem prohibitive, consider the cost of a high-deductible health plan. This type of plan requires you to pay a higher deductible before coverage begins, but it will lower your monthly health insurance costs.
You can also combine a high-deductible plan with a health savings account, which allows you to set aside tax-free dollars to pay for future medical expenses.
Typically, you can only buy health insurance during open enrolment periods set by the health insurance companies that sell it. Open enrolment for marketplace plans usually runs from 1 November to 15 December, although some states extend the deadline.
Exceptions to the open enrolment period are allowed under certain circumstances if you’re getting experienced a life-changing event, such as getting married or having a baby.