It is time to select your healthcare coverage for 2023, and experts advise people to consider their incomes and whether they are anticipating major surgeries and/or treatment in the year ahead.

Kaye Pestaina, Patient & Consumer Protections co-director with the Kaiser Family Foundation, said it is always important to make your choices carefully as some components in your life may have changed.

“Particularly if I’m in ongoing treatment and I want to keep my doctor, I’ve got to really make sure that my doctor is in the network,” Pestaina explained.

When it comes to income, Pestaina explained selecting a high deductible plan means less money will come out of your paycheck but you could face seriously high medical bills if something happens unexpectedly. On the other hand, if you have a big surgery scheduled for next year, “a lower deductible might be in order.”

If your employer does not offer healthcare benefits or you’re self-employed, you will select coverage from the marketplace. In Indiana, Hoosiers select from three options: Bronze, Silver and Gold.

Gold tends to cover the most.

“They’re kind of the best coverage in terms of bang for your buck,” Pestaina explained.

Those who are eligible for subsidies, or help with meeting deductibles and co-pays, must enroll in the Silver plan. If you qualify for subsidies, you won’t pay more than a certain percentage of your income for the marketplace plans.

“So this year it’s 8.5% so you’re not going to spend more than that in premium amounts,” Pestaina said.

Resources for Understanding Healthcare Plans