Consider the following aspects when investigating your next health insurance plan:
Know your source
Most businesses and corporations offer health care to its employees. This makes it much easier for you to select a plan, as you can simply browse the plans available through your employer. In the event your job does not offer coverage, any organizations you belong to (volunteer or otherwise) may provide health insurance at a group rate.
Local ACA plans are available in certain states for people who don’t have employer-provided insurance. Depending on your financial background, you may qualify for credits that can lower the cost of your premium.
Your final source would be to buy a private plan. The insurance marketplace is diverse, with plans that run the range from bare-bones to all-inclusive. Private plans offer the most options, but they tend to be more expensive than other sources.
Select Your Policy
Depending on the source of your health insurance, you’ll have access to different health insurance policies. Let’s look at four of the most common policies.
- Health Maintenance Organization (HMO): HMOs, are a very common policy. HMOs require that you select a healthcare provider from the policy’s network. To see a specialist, you need a referral from your primary care physician.
- Preferred Provider Organizations (PPO): PPOs don’t require you to use a healthcare provider from their network, but it’s more affordable if you do. Referrals are not required to see a specialist.
- Exclusive Provider Organizations (EPO): EPOs are a combination of HMOs and PPOs. You must use a healthcare provider from the policy’s network, but you can see a specialist without a referral.
- Point of Service (POS): Like EPOs, a POS policy doesn’t require you to use its network of healthcare providers, but to see a specialist you need a referral.
Determine Your Deductible
Health insurance is a balancing act between premiums and deductibles. Typically, the higher your deductible is, the less you’ll pay for your monthly premium—and vice versa. If you anticipate that you won’t encounter any serious health problems in the near future, an insurance plan with a high-deductible might be better, as you’ll save money each month, provided you don’t need ongoing medical support.
Compare Your Benefits
Medical expenses often come down to a health insurance providers network and individual policies. More often than not, using an in-network health care provider is always cheaper than using an out-of-network one. This is the time to examine exactly what is covered by any given insurance plan. The specific treatments that are covered, along with what the copay will amount to and whether a certain medication you need is included, will ultimately determine the strength and coverage of your insurance plan.
Find Your Best Deal
Once you’ve identified a handful of potential insurance plans, you can determine the cost of each one with some basic math. Take the monthly premium of a plan and multiply it by 12. This gives you the annual cost of the plan. Next, include the maximum out-of-pocket fees you would have to pay. The final total is the number you would spend on a healthcare plan.
Do you Need Any Help Choosing the Best Health Insurance Plan?
If you have any questions about how to find the best health insurance plan or need assistance in choosing one, please get in touch with us. We can help you navigate through the many options available to ensure you choose a plan that suits your needs and meets your budget.