As the Affordable Care Act takes effect, more people will be looking into purchasing their policies from an exchange. This does not, however, limit your choices. You are free to buy your own individual health insurance on the private market if you so choose.
Getting coverage on the private market has its advantages and disadvantages. If you already have coverage, you can simply extend your grandfathered policy to meet the new health insurance requirements. Grandfathered policies may not offer all the benefits of newer Obamacare plans, but premium costs are lower and they do meet many people’s current health care needs. Not all insurance companies have maintained grandfathered plans, so you may be forced to purchase Obamacare plans if you wish to remain insured.
You can also buy a policy off the exchange if you’re getting health coverage for the first time. You will need to research plans and prices to ensure you get suitable coverage at an affordable price. One disadvantage of buying a policy on the private market is that you cannot qualify for government subsidies. If your income makes you eligible for these benefits, an exchange-based policy can help you save on health care costs.
If you have questions about the exchange, the certified agents at Bernardini & Donovan Insurance Services are here to help guide you through the exchange to make sure you get the coverage you need.