Choosing health insurance is no easy task. Some people get confused because of the numerous health insurance plans available because they come with different premiums, benefits, copayments and deductibles. So, how do you choose the right plan that doesn’t just benefit you, but is also right for your entire family? Here are some of the best tips that can prove to be immensely beneficial for you:
Consider your health
If you are suffering from a health condition or multiple ones that need ongoing care, such as heart disease or diabetes, then you need to look for a health insurance plan with lower copayments and a lower deductible. The same is applicable if you are thinking about having a baby in the coming year. The premium you will have to pay will be higher, but your out-of-pocket payments will be considerably less.
Do your math
Most people just consider the monthly premiums and don’t pay much attention to the deductibles. For instance, if you have the choice between a gold plan premium of $465 per month with a deductible of $1,750 and a silver plan premium of $345 per month with a deductible of $5,500, the former is the better choice for you if you think you will spend more than $1,500 on medical expenses. With the first plan, your premium and deductible will amount to $7,330, which is approximately $2,310 less than the second one.
Assess the out-of-pocket costs
The deductible is not the only out-of-pocket expense you have to deal with; there are coinsurance and copayments to deal with as well. You have to assess them properly for finding the best family health insurance plans.
Go over the provider list
These days, most health plans come with ‘in-network’ providers. If you go to those doctors and visit those hospitals, you will have to pay less out of your own pocket than you would have if you go out of their network. So, if you want to keep visiting your own doctor or go to a certain hospital, make sure they are on the provider list.
Go through the benefits
All individual and family health insurance plans have to cover emergency services, hospitalization, maternity and newborn care, lab test, substance abuse treatment, mental health treatment, pediatric services like vision and dental care, preventative services, outpatient care, rehabilitation services and prescription drugs. Go over the coverage to see what’s available to you.
Check the drug list
There is a list of medications that are covered by all plans, along with their copayment. If you have a prescription, you should go over the drug list to see if your medicine is on it and how much refills will cost you. Otherwise, you may have to incur the full cost of the medicine.
Ask the right questions
Speak to a representative of the health insurance company, ask whether they offer spouse coverage and ask the questions about the doctors, hospitals, pharmacies and clinics that are part of the plan. Make sure they cover you for travel emergencies and ask about out-of-pocket costs.