Choosing a health insurance plan is difficult, whether it’s offered by an employer or the customer’s purchasing it on their own. Almost half of all companies with 200 employees or more offer multiple plans and all have different benefits, deductibles, copayments, and premiums to consider. Use the tips below to choose the Best Health Insurance plan.
If a person has a medical condition that requires ongoing care, such as heart disease or diabetes, they should choose a plan with low copays and a low deductible. The same applies if one thinks they may become pregnant in the next year. While the monthly premium may be higher, overall out-of-pocket expenses are reduced.
Crunch the Numbers
Most users focus on the premium they pay each month, but the deductible should also be considered. For instance, if a user has a choice between a low-premium, high-deductible plan and a higher-premium, low-deductible plan, they should consider the second plan if they expect to have significant healthcare needs.
Look at the Plan’s Provider List
Most of today’s health plans have a provider network. If a user sees one of these physicians and goes to the plan’s chosen hospitals, they pay lower out-of-pocket expenses than if they’d gone outside the network. If a person wants to keep his or her doctor and go to certain hospitals, they must check to see if those providers are in the plan network.
Read the Benefits List
All small-business and individual health plans must cover emergency services, hospitalizations, lab testing, newborn and maternity care, substance abuse and mental health treatment, outpatient care, pediatric services, preventive care, prescription medicines, and rehab. However, plan specifics may vary widely, and buyers should read each plan’s evidence of coverage before buying.
Read the Formulary
All health plans have formularies, which are lists of covered medications and associated copayments. If a person takes prescriptions on a regular basis, they should read the formulary to see if their drugs are covered. If the medicine isn’t on the list, the user must pay for it themselves.
Even with recent reforms, the health insurance industry is a confusing one indeed. By considering the factors listed here, users are more likely to find plans that meet their budgets and healthcare needs.