With health care becoming more expensive each year, it has become even more important to understand what packages are best for each stage of life. This is yet another enormous benefit of having a broker! Your insurance agent has been trained to discern what type of health insurance would best fit your age and life situation.
Debt and budgeting are one of the biggest considerations. Millennials are especially sensitive to finical strain due to debt. A Wells Fargo survey found that 47% of Millennials use 50% or more of their income for regular payments on loans. And 67% of people in this age range have strict budgets that prevent adequate saving. The funds needed to pay for health care usually continue to go up with age as well. This makes it especially important that people reconciler their policy every year to cater it to their budget and fluctuating debt.
There is a mid age range where people tend to have the highest cost of living. Between ages 35 and 54, most americans will have the most expenditures within their lifetime. The good news is that historically their income tends to also be the highest during this time. The bad news, medical expenses are not as predictable. However, planning each year for possible health needs can save individuals thousands of dollars during these finically straining years.
Considering major life changes is also crucial in determining the best kind of coverage. Whether someone started a new job, moved to a new city, or is getting married and starting a family, there are health care programs that serve each of these changes specifically better than others. Health and medical history are always important factors but each individual also has various unique aspects to his or her life that should dictate how they choose a health a plan. 
We have listed below some points to consider when choosing a Health Plan.
Cost: Cost is a significant factor when selecting a health plan. Look at the overall cost of coverage, including the premiums, deductibles, copays, and coinsurance. Also, make sure to consider any additional costs, such as provider networks, prescription coverage, and coverage for pre-existing conditions.
Network: Research the network of providers that are available in the plan. The network may include doctors, hospitals, pharmacies, and other specialists. Make sure that the plan includes providers that are convenient and cost-effective for you.
Coverage: Understand what types of coverage the plan offers and if it meets your needs. Make sure to look at the plan’s coverage for preventive care, hospitalization, prescriptions, laboratory tests, and mental health services.
Flexibility: Consider the flexibility of the plan. If you travel or live in multiple locations, make sure that the plan offers coverage in all locations. Also, look at the plan’s rules for changing providers and coverage levels.
Customer Service: Look into the customer service available with the plan. Ask questions about how quickly they respond to inquiries and what types of resources they provide.
These are just some of the factors to consider when choosing a health plan. Any of the agents at Your Insurance Gal Agency will be happy to help you select the best plan for your lifestyle and budget.
