We’re here to help you make smarter decisions about your health insurance plan.
What to look for when it comes to health insurance plans.
In its’ purest sense health insurance is insurance coverage that pays for surgical and medical expenses incurred.
Comparing health insurance plans consists of more than reviewing premiums. Deductibles, copays, and coinsurance are also essential to take into consideration. Be sure to compare all out of pocket costs to understand the depths of the plan.
Look at the plan’s deductible – what is the total amount you pay out of pocket before your insurance begins to cover costs. This price should appear next to the premium of any plan you consider. If someone on the plan goes to the emergency room or needs other health care services, you will likely have to pay that amount toward care in the coming year. The risk when choosing a plan with a high deductible is that you may be asked to pay the entire amount all at once in case of an emergency room visit or seek an alternative expensive health care service.
Pay attention to prescription coverage – if someone on your plan needs prescription medication it is essential to review the coverage. If the drug is expensive, you may need to pay the full price until you meet your deductible. After that you may need to pay the coinsurance fixed price or percentage. You need to calculate whether it is preferable to pay a higher monthly premium to cover prescription costs or lower premium with higher deductible and more out of pocket money spent on prescriptions.
Check the provider network – ultimately the most important thing is having protection in case you need medical care. Make sure there are doctors and hospitals near you who will accept your insurance plan. If you go out of network for medical care you may need to pay full price, rendering your insurance moot. If you have a doctor that you like going to, remember to check that they are in your network to make sure you can still see that doctor.
The type of plan you buy will impact how many and which doctors you can see. Your plan type will dictate nearly everything related to medical care including but not limited to whether or not you need a referral from your primary care physician to see a specialist.