Kane in Your Corner: Have you made your health insurance choices for 2023?

Health care costs are getting higher and higher each year, but getting health insurance in 2023 could bring you good news, experts say.

“According to a survey done by the Kaiser Foundation, employer-based plans, at least, are the majority of plans out there, and have barely increased year-over-year,” says Anne-Marie McIlwain.

If you buy insurance yourself, you should expect to pay more. In New York, the average individual’s health insurance premiums will rise by 9.7%. In New Jersey, individual health insurance plans rise an average of 8.8%. In Connecticut, the average increase is 12.9%.

One leading proponent says there are ways to get more for your money.

“What I tell my clients is don’t approach them like I did. I didn’t like surprises. So I went for a very high monthly bill.” I mean, I didn’t pay a fortune along the way, but in retrospect I was stupid,” says McIlwain.

McIlwain suggests things to consider when choosing a health insurance plan:

How much medical care do you think you need?

What about in and out of network coverage?

Check the maximum copayment amount. This is the amount you have to pay after deducting the deductible.

Consider the plans that come with your health savings account. Unlike Flex Accounts, HSA can be carried forward from year to year.

If you purchase insurance yourself through an exchange, check the subsidies your state offers.

“It can be a 70% swing factor in cost, so definitely spend some time looking into it,” she says.

Among other things, McIlwain says don’t try to go without health insurance because high medical bills can be devastating.

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