Home / Health / Health Insurance in North Carolina
There’s no truer saying than “health is wealth”. But to feel rich in health, you need a great insurance plan. From Wilmington to Winston-Salem, Ashevill to Greenville, and every county along the way, great healthcare is within reach.
So, North Carolinians, read on for the information you need to find a new health insurance plan that protects your health and your wallet.
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You have options available to you when it comes to your health insurance, but sometimes understanding your options and which one is right for you is the biggest hurdle to getting great healthcare. We’ll explore each of the avenues from which you can seek healthcare coverage, so you can better understand your options.
Medicare
Medicare is a federally funded health insurance program for those over the age of 65 or for those with certain debilitating health conditions like End-Stage Renal Disease, ASL, or a qualifying disability. Medicare is made up of four parts:
Medicaid
Medicaid is a federal healthcare program for those with low incomes, providing low-cost or even free healthcare. To know if you’re eligible for Medicaid in North Carolina, you must live in North Carolina, meet income restrictions (amount depends on the Medicaid program), and fall into one of these groups:
CHIP
The Children’s Health Insurance Program (CHIP) is referred to as NC Health Choice for Children in North Carolina, and provides low-cost or free healthcare for children whose families incomes are too high for Medicaid, but not enough to afford health insurance.
You can purchase individual health insurance from the federally run exchange in North Carolina. Plans are grouped into four metal tiers to help you compare plans within the same bracket. Tiers include Bronze, Silver, Gold, and Platinum, as well as a Catastrophic plan that requires special eligibility. Here’s a rough guide on the plan tiers:
There’s no tier that’s better than others; the right tier for you really depends on your health and budget. If you are generally healthy and rarely require medical services, Bronze or Silver plans are a good idea. But if you have recurring healthcare costs and regularly need to see the doctor, you’ll be better off with a Gold or Platinum plan.
Keep in mind that open enrollment happens once a year, which is when you can enroll in a plan or make changes to your current plan. Open enrollment is November 1st to December 15th in North Carolina in order to start coverage beginning January 1st. If you miss the December deadline, you have until January 15th to set up coverage for 2023.
However, you can qualify for a special enrollment period if you’ve had a qualifying life event, like a birth, marriage, job loss, move, and more. This allows you to change your coverage after that event.
If that qualifying life event includes a new birth, congratulations! Health insurance is just one of the items you’ll need to budget for now that junior is here. Grab our free financial guide for new parents for more info.
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Many people qualify for health insurance through their jobs, which is a great option because the employer usually pays for some or all of the premium. This helps reduce your healthcare costs, although you have less or no control over the plan options.
If you lose your job, you can continue coverage for a certain number of months through COBRA, but keep in mind that your employer will no longer pay for part of your premiums, so your costs can shoot up.
If you’re self-employed, you have options too. Read this for more details.
Short-term health insurance is available to help bridge the gap between plans. You might also need it if you’re trying to search for a new long-term plan, if you’ve lost your health insurance through work, or while waiting to become eligible for Medicare.
In North Carolina, you’re allowed to have short-term health insurance for an initial period of up to 364 days and then an option to renew for a total duration of 36 months. There are eight or more insurers offering short-term health insurance in North Carolina currently.
Short-term health insurance can be a great option for a quick fix, but sometimes it can end up being more expensive than traditional plans. Plus, it often doesn’t cover pre-existing conditions, so it’s not always an option for everyone.
What you pay for healthcare is going to depend on a number of factors, but it helps to know a rough range for planning purposes. So here’s the facts:
Plans also change yearly; on average, plans went up $50 per month in North Carolina, although Bronze and Catastrophic plans increased between 11-15% each.
Your rates will depend on your age, health, any pre-existing conditions, your location, your income, and more. You may also be able to save on health insurance thanks to cost-sharing reductions and premium subsidies, depending on your income.
But don’t worry: we’ve got even more cost-saving tips coming up next.
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It’s no secret that health insurance can be a major expense in any household budget. But that doesn’t mean you have no say in what you spend. We’ve gathered up the best ways to save on health insurance plans in North Carolina, so that you can keep your costs down without sacrificing your health and wellness. These tips include:
This doesn’t mean you’re going to find dirt cheap health insurance in North Carolina, but each of these tips can put a few welcome bucks back into your pocket to do more of what you love.
You may not have a choice when it comes to having health insurance, but you do have options. In North Carolina, your options range from private to short term, government programs to employer-sponsored insurance, and more. Finding the best plan for you will depend on your income, health, age and more, but the right plan is out there.
Your journey to great healthcare starts by getting access to free quotes here. A little research and due diligence goes a long way when it comes to your health, so don’t be afraid to dig in and find the best plan for you.
To your health!
Hollay Ghadery Hollay Ghadery is a writer and editor who is passionate about financial literacy as a means to personal fulfillment. Hollay has over 18 years of experience creating content about a range of topics related to personal finance, including insurance, investing, banking, and credit cards. When Hollay isn't writing, she's spending time with her four children, two dogs, and three goats.