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With the cost of living on the rise, many people are making tough decisions and trade-offs and cutting back on non-essential expenses. Choosing health insurance on the Individual Marketplace is an investment that may seem like a luxury, especially with enhanced premium tax credits (also called subsidies) set to expire at the end of the year, causing monthly costs to spike across the state.
Purchasing health insurance can feel overwhelming but creating a budget that includes insurance can help alleviate financial stress. The right coverage provides peace of mind and financial stability, and, for millions of people, it’s a key part of a secure and healthy life.
More predictable planned expenses
Having health insurance is a way to take control of your overall health in all stages of your health journey. As life changes, so do medical needs.
For those in good health, prevention is a top priority. Marketplace plans cover important services like yearly wellness checkups, routine bloodwork, vaccinations, plus cancer screenings like mammograms and colonoscopies. These services, which could cost thousands of dollars without insurance, are covered at a $0 copay with Individual Marketplace health plans. This allows you to focus on staying healthy without the worry over surprise bills.
For those with chronic conditions or ongoing health needs, health insurance is a vital lifeline. By maximizing their plan’s negotiating power, members can save on doctor and specialist visits, imaging, and prescription drugs. Many people take four or more prescription medications a month,(1) and insurance can help with the costs, including discounts on 90-day supplies via home delivery.
No matter your health status, having coverage allows families to budget and plan for the future.
Protection for the unexpected
When there’s a sudden diagnosis or medical emergency, insurance offers added financial protection from high health care costs. In Florida, the average ER visit without insurance can cost a staggering $3,100, (2) and the average hospital stay can cost around $30,000.(3) Having health insurance is a safety net, so you’re not alone when facing unexpected medical bills.
Getting financial help this year
When weighing the cost of insurance, keep in mind that you may have help to offset your monthly payments. Even if the government allows the enhanced premium tax credits to expire, and if there is less of this financial help in 2026, these tax credits won’t go away entirely. Depending on things like income and where you live, some individuals may still qualify for a subsidy that covers 100% of their monthly premium.
Guidance is available at no extra cost
Wherever you are on your health journey, your health and well-being are worth protecting. A licensed insurance agent can simplify the process of finding a health plan, explain the options, and connect you to any available financial help. Florida Blue has served the state for more than 80 years, providing expert guidance and support to individuals and families. Visit www.FloridaBlue.com/StayCovered to learn more about the government changes to this year’s Open Enrollment and how to connect with a local licensed Florida Blue agent or a neighborhood Florida Blue Center.
Sources:
1https://www.kff.org/health-costs/public-opinion-on-prescription-drugs-and-their-prices/ 2https://www.debt.org/medical/emergency-room-urgent-care-costs/
3https://www.healthcare.gov/why-coverage-is-important/protection-from-high-medical-costs
Florida Blue is a trade name of Blue Cross and Blue Shield of Florida, Inc., an Independent Licensee of the Blue Cross and Blue Shield Association. Policies have limitations and exclusions.
