Choosing a health insurance plan has never been easy.
Here, we have provided 11 key points which will help you make a smart decision.
1. Find the Marketplace
Often people don’t require the government insurance marketplace. Although, they must search for an exchange plan besides the one provided by the employer.
2. Choose The Right Insurer
In case your employer does not offer any health insurance benefits, you can choose from various other marketplaces as well.
3. Check For Grandfather Exemptions On the Plan Offered
These plans contain free medical service covers without a copay such as blood pressure, depression screening etc.
4. Find The Plan That Suits You Best
There are 3 types of insurance plans: POS (Point of Service plans), HMO (Health Maintenance Organizations) and PPO (Preferred Provider Organizations). All of these plans offer different benefits and have different objectives.
5. Compare All The Health Insurance Plans Available
It is very important to compare all the available insurance plans in terms of their benefits, coverage and the needs of your family.
6. Compare All the Health Plan Networks
The insurance companies contract lower costs with in-network health service providers. While the costs are higher with out of network providers as the doctors do not have contracted rates.
7. Compare The Out Of Pocket Costs
Make sure that the summary of the benefits of any health plan must have a clear mention of the amount that would be paid out of pocket by the insurance taker in order to avail the service.
8. Compare The Advantages
Compare the advantages like physical care, emergency coverage, and mental health care and then make a wise decision by choosing the best.
9. Do not Get Distracted By Freebies
Some plans are just made to distract customers with attractive offers. So, do not get distracted.
10. Open a Separate Account For Healthcare Expenses
By opening a separate account you can save money for your various medical expenses.
11. Check The Prescription Coverage
Check your regularly taken medicines on the coverage list your health insurance plan every year as they keep updating it.
Besides comparing all the available health insurance plans, there are many other key points to keep in mind before choosing a suitable plan for your family. Here, we have provided the 11 most important things that must be considered before buying a health insurance plan.