Kane in Your Corner: Have you made your health insurance choices for 2023? What you need to know.
Health care gets more and more expensive every year, but as you enroll in medical insurance for 2023, experts say there could be some good news.
"Research done by the Kaiser Foundation showed that at least employer based plans, which is the majority of plans out there, barely went up year over year," says AnnMarie McIlwain.
If you're buying insurance on your own, you should expect to pay more. In New York, the average individual health insurance premium will go up 9.7%. In New Jersey, individual health insurance plans will go up an average of 8.8%. In Connecticut, the average increase will be 12.9%.
One leading advocate says there are ways to get more for your money.
"What I tell my clients is don't be like me, the way I used to approach it, which was I didn't like surprises. So, I went to the very big monthly bill. So that, you know, I wasn't shelling out money on the way, along the way. But that was stupid in retrospect," McIlwain says.
Here's what McIlwain suggests you consider in picking a health insurance plan:
How much health care do you expect to need?
What's your in and out of network coverage?
Look at the out-of-pocket maximum - that's how much you might have to pay after your deductible.
Consider a plan that comes with a health savings account – unlike flex accounts, HSAs can be carried over year to year.
If you're buying insurance on your own through the exchange – see what subsidies your state is offering.
"It can be a swing factor of 70% in your cost. So definitely, spend a little bit of time exploring that," she says.
Above all, McIlwain says don't try to go without health insurance, because a big medical bill could be devastating.
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