Picking a health insurance policy, whether through the marketplace or an employer, can be a daunting process. With numerous plan options, premiums, deductibles, and co-pays to consider, it may feel impossible to accurately weigh all the options and pick the right plan. However, there are a few tips and tricks that can help policy buyers choose the best plan for themselves.
Compare Health Insurance Plans
Even for plans that offer similar coverages, premiums can vary significantly from one insurer to another. That’s why, even if one is already enrolled in an existing health insurance plan, it can help to check if another insurer is offering a better premium. In order to compare health insurance plans efficiently, it’s important to understand acronyms and lingo.
Keep Current and Past Health Care Needs in Mind
As policy buyers browse different plans, it’s important for them to analyze the type (and amount) of medical treatment they received in the past and are receiving at present. Although one cannot foresee future healthcare needs, focusing on the trends of the past can help buyers choose the right coverage amount.
Evaluate Health Insurance Networks
Most health insurance companies charge lower premiums when people visit in-network providers. This is because the health insurance company has likely negotiated a lower rate with doctors and specialists who are part of the network. If one currently visits certain healthcare providers, it’s important to check if they are part of a certain company’s network before signing up for a policy from that insurer.
Take Out-Of-Pocket Expenses Into Account
Much like healthcare networks, it’s important to consider out-of-pocket expenses when choosing a health insurance plan. Remember that policies should highlight how much a policyholder will have to pay out-of-pocket in the event of a medical emergency or treatment. The point of doing this is so one is able to find a policy that pays a higher percentage of one’s medical expenses. This is especially important if one needs emergency care often.
Focus on Annual Costs and Not Monthly Premiums
It’s easy to only focus on the monthly premium when evaluating plans. But in order to make an informed decision, one needs to also consider costs like co-payments and deductibles. Calculate these costs in terms of how much they will cost over the course of the policy year.
