5 Things To Keep In Mind When Choosing A Health Insurance Plan
Shopping for health insurance can leave you feeling overwhelmed by all of the choices. Comparing health insurance buzzwords like “premiums” and “copays” can quickly make your head spin, especially if you’ve never done it before. You could look at various pharmacogenetic tests (look at this if you would be interested) which could help you determine the type of insurance you could take going forward.
However, even though it may seem like an intimidating task, it’s actually pretty simple when you break it all down. If you’re currently considering which health plan to pay for, here is a basic guide to help you make the best choice.
The Cheapest Premium Doesn’t Mean It’s The Cheapest Plan
In simple terms, a premium is what you’ll pay every month for your coverage. It’s the most straightforward piece of information which you’ll see attached to health insurance plans. As a result, a lot of people get caught up in that number. However, the cheapest monthly cost may not always provide the best value.
You may never expect your health to be negatively impacted and therefore opt for the lowest monthly cost. In reality, a lower premium means a much higher deductible. In the case that you do get injured or ill, you may end up paying a higher total cost than you would have with a slightly higher premium.
Rather than looking at only the premium cost, make sure that you’re comparing all of the criteria.
Familiarize Yourself With Out Of Pocket Costs
Pretty much all insurance plans will require out of pocket costs. It’s important to do your homework and learn what they are to avoid getting hit with surprises.
When reading the fine print, it can be easy to miss these outlined costs. Therefore, to avoid losing your hard earned money, it’s in your best interest to familiarize yourself with the terminology.
Prescriptions
It’s important to go over whether your plan will cover prescription medications. At full price, some prescription medications can cost hundreds a month. Therefore, before signing the dotted line, ensure that any specific medications you require are covered
Look At The Health Plan Network
Your doctor of choice may not be covered by all insurance policies. When looking at your options, make sure that you go over their network list. If you have preferred doctors, ensure that they are included. Otherwise, you may get hit with much higher copayments, or worse, a claim denied altogether.
Choose a Policy Which Suits Your Lifestyle
Ultimately choosing the right policy comes down to how well it suits your situation. For example, if you travel a lot for work, you’ll want to find a plan which has a less limited network. If you are disabled, you may require assistance getting to appointments.
Looking carefully at the perks which appeal to your unique set of circumstances may be the best way to make your final decision.
