According to the most recent figures released by the U.S. Census Bureau, a quarter of Florida's working adults didn't have health insurance in 2010. That was true even among those with full-time jobs. Out of all 50 states, Florida was ranked as 49th for the percentage of workers with employer-funded FL health insurance.
By 2014, Florida health plans should be available through the state exchange. Those plans are also expected to be less expensive than many of the options available today. Until then, Floridians have to do their own comparison-shopping to find low-cost coverage.
Get The Scoop On Florida Health Insurance
The first rule of health insurance shopping is to learn how different types of policies work. You can't find the least expensive option by comparing "apples to oranges." There are limited coverage plans, but these can expose you to major medical out-of-pocket costs.
The next least expensive option is called catastrophic coverage. These plans typically have high deductibles. That means you have to spend the amount of the deductible on your own health care before coverage begins. Once Florida conforms to the health care reform law, even these plans will provide preventive health care before you have met the deductible. The Affordable Care Act requires all plans to provide recommended health care that's been linked to helping people stay well and/or catching problems early when they are most treatable.
Right now, certain high-deductible Florida health plans allow you to start a Health Savings Account (HSA) that comes with tax advantages. With an HSA plan, you get to deduct the money you place in your savings account from your annual taxable income, even if you don't itemize. High-deductible plans typically have some of the lowest premiums, and when you combine that with paying less in taxes, the savings can be significant.
Are Co-pay Plans Less Expensive Than High-deductible Plans?
There are also co-pay plans, which sound like a good investment on the surface. Co-pay plans sometimes also incorporate deductibles, but you typically have to pay a pre-determined amount (your co-pay) to see a doctor or fill a prescription. The Florida health insurance coverage picks up the rest. This type of coverage can reduce your out-of-pocket costs. The catch is that the premiums are among the highest. Many people who don't need to see a doctor often actually come out ahead with high-deductible plans.
Now that employers are dropping health insurance as a benefit, or passing more out-of-pocket costs back to those employees who still have health benefits, group coverage may not be the least costly way to get health insurance. Individual health coverage for Florida often has less expensive premiums than group options.
Comparison-shopping Is The Key To Finding The Best Value
Regardless of which form of FL health plan will best serve your needs, comparing plans from several different leading Florida health insurance companies is the only way to be sure you've found the lowest rate. Insurers do charge very different rates for plans that offer similar benefits. Independent brokers who can help you compare what different companies are offering can be a great time-saver because there are literally hundreds of choices.
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