How to Choose a Health Insurance Policy
Are you happy with your healthcare? If you’re like many people, you’ve seen your rates climb without improving your level of coverage. Whether you’re considering a switch or looking into getting health insurance for the first time, the choices can seem overwhelming.
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Talk to Your Primary Care Physician First
You may find the Cadillac of health insurance plans, but that isn’t going to help if your doctor isn’t in their network. Going out of network means more out of pocket expenses. Before you shop for insurance, find out what providers your primary care physician accepts to help narrow down your choices. You can also check an insurer’s online portal to see which doctors and medical facilities are in their network before you sign on.
Weigh Your Options
Most people get healthcare through their employer, which narrows selection considerably. However, if you’re self-employed, unemployed or your employer-provided plan isn’t suitable for your situation, you have some decisions to make. Not only are there different types of networks, but various health insurance plans offer different tiers of coverage. A basic plan that provides fewer benefits will save money in the short term, but you may find gaps in your services or pay more out of pocket if you have an unexpected health emergency.
Many employer-provided plans are PPOs, which allow you to choose doctors in or out of your network. However, you’ll also pay higher premiums. An HMO offers less flexibility in your choice of providers, and you’ll have to get a referral if you need to see a specialist. However, your out-of-pocket expenses and deductibles will usually be lower. A third alternative is an EPO, which requires you to remain in network, but you won’t need to get referrals for treatment.
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Work Out A Health Insurance Budget
Your monthly premiums are just a small part of the cost of medical insurance. To find the maximum you’re likely to pay, determine your total premiums for the year and add the maximum out-of-pocket limit to find the highest amount you’ll pay in the event of a major medical expense. The plan with the lowest overall cost is likely to be your best bet.
You should also take into account your overall state of health and the cost of prescriptions. If you have pre-existing conditions or you take expensive medications on a regular basis, that affects your budget for healthcare coverage.
A Look at Deductibles
Another big decision is whether to choose a high deductible or low deductible. Many people choose a higher deductible because it lowers the monthly premium. However, you’ll have to hit your deductible before your insurance starts to pay. If you’re relatively healthy and you have no regular medical requirements, this may be a good solution.
On the flip side, a chronic illness or other recurring expenses mean you’ll exceed your limit faster with a low deductible plan. If you’re concerned about covering a high deductible, a Health Savings Account can offset the expense.
I hope these tips make the process of finding quality healthcare as efficient and affordable as possible.
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