Introduction
For many people, it's hard to determine whether Aetna is the right high deductible health plan for them. But this is important because if you don't have health insurance you could end up paying a fee of up to $95 per person per year.
When it comes to health insurance, there are basically two types of plans to choose from: low-deductible or high-deductible plans. The choice you make will depend on how much you’re willing to spend and how much you’re willing to pay out of pocket in the event of an unexpected illness or injury. Aetna offers both kinds of plans and this article will discuss the differences between them so that you can choose the right one for your needs.
Doctors, hospitals and drug companies are not the only cost in a health plan. Aetna has several different levels in their high deductible plans and each one is designed for a different situation. You will need to find out if you qualify for the right level before you can choose which plan is right for you.
Know Aetna is the Right High Deductible Health Plan for You
If you’re debating whether to select Aetna or another health plan, here are five things to consider:
1. High deductibles. Aetna and most other health plans have high deductibles (deductibles are the first deductible amount that you pay for medical expenses). The higher the deductible, the higher your monthly premium will be. However, if your medical expenses reach the maximum of your deductible in a year, you may receive a check from Aetna with an unused portion of your deductible paid by the insurance company.
2. Limited coverage. Most health plans only cover certain services and procedures. If you need care outside of this scope of coverage, you’ll pay out-of-pocket expenses upfront before your insurance company reimburses you for these costs at its own rate (typically after filing a claim with Aetna).
3. Limited network provider options. Most health plans offer a limited choice of providers within their networks — including hospitals and doctors — which can make it harder for patients to find quality care close to home or at affordable prices, especially if they need specialty care not covered by their plan’s network provider list.
What is a High Deductible Health Plan?
The deductible before your insurance kicks in is the amount of money you pay upfront. The higher your deductible, the lower your monthly premium will be. Although this may sound like a tempting idea, keep in mind that you'll have to pay more out-of-pocket every time you visit a doctor or fill a prescription - an expensive proposition when you're paying with money that doesn't grow on trees.
In terms of exclusions, make sure you are aware of what's not covered under high deductible plans (or any health plan), such as preventive care, dental care and prescriptions above a certain dollar limit. Some of these extras can cost thousands of dollars per year. It's also important to remember that there may be other things about your medical history that might preclude you from being eligible for one type of coverage over another. If you're still unsure, consider consulting a broker who specializes in evaluating healthcare needs.
When should you consider this type of health plan?
If you're looking for lower monthly premiums but prefer not to pay the entire cost of your medical expenses, a high deductible health plan might be right for you. With this type of plan, you'll have a lower monthly premium, but you will also have higher deductibles before insurance coverage kicks in. If you need frequent medical care or want an option with no out-of-pocket costs (even when combined with low monthly premiums), this may not be your best option. However, if you do not anticipate needing much medical care or want to reduce your premiums and pay out-of-pocket when necessary, this could be a good fit for you.
What other types of plans are there?
There are several types of health plans to choose from. The three primary types of coverage are traditional, high-deductible, and catastrophic. Different combinations of these types offer different levels of coverage and prices. A traditional plan offers lower monthly premiums but also a lower deductible. One drawback to this type of plan is that you can still end up paying out-of-pocket costs because you reach your deductible limit before your insurance kicks in, which is unlikely with a high-deductible plan.
The pros and cons of this plan
The biggest pro of this plan is that it includes all the basic benefits. Plus, those who enroll in this plan can access a wide range of services and won't have to worry about out-of-pocket costs because they're higher than average. On the other hand, some people who use this plan may be required to pay quite a bit in order to visit their providers. There are also many HSA options available on healthcare .gov, so it's important that you read up on your options and take time when picking out your deductible health plan before signing up with any provider.
Key takeaways
High deductible health plans have fewer coverage options than low or middle-level deductible health plans. High-deductible health plans are typically more affordable. It's best to compare deductibles and premiums of high deductible plans, with what is available in your region. Keep in mind that you'll likely need supplemental insurance policies like an HSA, FSA, or healthcare savings account (HSA) to cover expenses not covered by your plan
Aetna health insurance benefits
Aetna offers three individual HDHPs--Essential Access, Choice Plus, and Select. Essential Access offers plans with low monthly premiums and a high deductible. With this plan, you may have out-of-pocket costs that you may not want to cover in addition to the high deductible. If you’re worried about high out-of-pocket costs or are unable to keep your medical bills below your annual deductible, then Essentials would not be the right option for you. Alternatively, if you're looking for lower monthly premiums but would prefer a lower deductible, Choice Plus or Select might work better.
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