Oscar Health Insurance 2020
Oscar is a new kid in the block. The company was established after the introduction of the Affordable Care Act (ACA). The Oscar health insurance 2020 plans were specifically created for a particular group of people.
The plans are ideal for those who are not eligible to obtain Medicare, Medicaid or employer benefits. Oscar medical insurance plans cover all four metal tiers. They are all available in four states, namely New Jersey, New York, Texas, and California.
The plans would include individual child-only and family. They feature cost-saving benefits. If you purchase several brand name drugs, consider taking a look at the several Oscar health plans. Most of the plans offer discount prices on brand name medicines.
The network has tens of thousands of providers. New York has over 30,000 in-network physicians and 80 hospitals. Plus, it includes 60,000 pharmacies. In the entire US, the company serves over 145,000 customers and counting.
One of the company’s attractive feature is its flu shot program. Every time you receive a shot, Oscar will donate $3.30 to kids in need.
Understanding Some Terms in Your Oscar Plan
One of the most common terms you will see in a health insurance plan is the monthly premium. To make sure that your Oscar plan is active, you need to pay your monthly premium. By paying it regularly, it will not reduce your deductible.
The deductible is the payment for your covered services in a year. You need to meet it first before your insurer will pay for your medical expenses.
Every Oscar health insurance plan includes preventive care procedures, such as annual physicals, vaccinations, STI screenings, etc. All plans have out-of-pocket max. It is the maximum payment you can pay for your healthcare cost in a year. After reaching the max, the plan will pay for everything.
Available Oscar Health Insurance Plans
There are four tier options available. Every plan can cover a different amount of your medical care costs. The more coverage you wish to obtain the higher the monthly premium will be.
The platinum plan can cover 90% of your medical care. The next top level is gold which covers only 70% of your healthcare. Its silver plan covers 70% while the lowest or cheapest plan is bronze that covers 60% of your healthcare coverage.
Benefits of Oscar Health Insurance
The Oscar plans are different from the plans you might be used to. The company provides a unique approach to medical care. The plans emphasize wellness practices. You can get $1 per day just for walking. It is attractive to active policyholders.
It can also fill some holes in your medical coverage. Thus, you can use it to supplement your employer insurance and Obamacare, also known as the Affordable Care Act (ACA).
If you have minor medical problems, you can easily consult a doctor over the phone, rather than going to his/her clinic. Another distinct feature of the company’s plan is that it covers mental health care service options.
As a member, you are given a free annual physical checkup. It can give you an indication of your overall health year after year.
The plan can assist you in finding high-quality doctors near you. The company ensures you are seeking the best physician for your medical condition.
How to Pick the Right Plan?
If your health is the same as you had last year, there is no need to obtain a new plan. However, if your life has changed, it might be a good idea to opt for a different Oscar health insurance in 2020.
Determine the Metal Tier
Each plan has a metal tier. Plans with lower monthly premiums are bronze and silver. However, their deductibles are quite higher. In that case, if you receive medical care, you will need to pay more out of pocket.
On the other hand, if you choose gold and platinum plans, your monthly premiums are quite higher than those two plans. In fact, some of them have $0 deductible. In other words, the plan can pay your medical care if you get sick.
Bronze and silver plans can save you money each month. But the deductibles are quite higher. That’s why they are better for those who are healthy individuals.
However, if you have a medical condition, consider buying gold or platinum plans. In that way, there is no need to worry about your healthcare cost every time you get ill. You can further save money if you are eligible for a cost-sharing reduction.
If you have started treatment or just received a new diagnosis, you may consider gold or platinum plan. It can cover a significant portion of your healthcare. But its monthly premiums are quite expensive.
However, if your health improved in the last year, you might consider downgrading. In that way, you can save some cash per year. The lower premiums will let you pay less each month, even though you will have to pay more each time you get medical care.
The simple silver plan of Oscar includes a mid-level deductible. It involves the copayments for office visits. With this plan, your insurer will pay a portion of your office visit. In that way, you do not have to reach the deductible first. This plan is perfect if you are suffering from a chronic condition and requiring routine management.
Another thing to consider is your bank account. Keep in mind that any changes in your finances can affect your plan. That’s why it is vital to check how much savings you have before you pick the right plan.
You may also qualify for financial assistance that can further reduce your health insurance. To determine whether or not you are qualified for financial assistance, you may use our online quote tool.
If you are not qualified for financial assistance, consider enrolling in one of the Oscar health insurance 2020 plans. To help you get started, request your free online quotes today. Once you have obtained them, you can make a comparison shopping to help you narrow down your choices.
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