5 Things To Look For When Buying Health Insurance

Keep these 5 things in mind when looking to buy health insurance.

It’s been  a little over 2 months since the health exchanges have opened and a system that was designed to make buying health insurance easier, has made it harder and more confusing for many people.  This blog post will help you make more sense out of buying a health insurance policy that fits your needs. Just read these important tips:

The assurance and confidence of knowing you can see a doctor whenever the flu strikes or when you’ve broken your leg from a fall,  is a privilege that many take for granted. Whether you have to choose health insurance through your employer, through the exchanges or need to choose an independent company, there are plenty of factors that can affect your final decision. Weighing the pros and cons of various options is the best way to choose the health insurance that will meet your needs as an individual or family. Below are a few points to consider as you search for the best health insurance plan for you:

1. Know Your Choices

There are many different kinds of health insurance plans offered to the public. Knowing the various options you may qualify for will help satisfy your needs in the future. There are five type of health plans to consider: traditional indemnity, health maintenance organization (HMO), Preferred Provider Organization (PPO), Point of Service Plan (POS), and Health Savings Account (HSA). You should familiarize yourself with each option.

2. Know the Advantages and Disadvantages

Out of the five main types of health insurance plans, each one contains their own set of advantages and disadvantages. For example, with a traditional indemnity plan, individuals seeking complete freedom in the medical providers they can select should choose this option. But freedom comes with a price; the insurance plans produce higher rates and costs. This means individuals will face few restrictions, but also have to cope with no financial incentives that lessen patient financial responsibility.

3. Coverage and Benefits

An important factor to consider when choosing a health insurance plan includes the type of benefits offered and whether or not they will accommodate your needs. Some of the coverage capabilities to ask about include maternity, prescription, childcare, immunizations, emergency visits, and annual checkups.

4. Costs

Seeking information on the premium or employee contribution associated with a particular health insurance plan is important to make an effective decision. The cost you are responsible for will depend on the type of plan you choose; the deductible, coinsurance and co-payment; lifetime maximums, and the limitation of plan benefit coverage.

5. Are You Considered “Hard to Insure?”

Although preexisting conditions are a thing of the past with Health Care Reform, you could be asked about your medical history and if you are labeled as a “hard to insure,”  you may not find the most cost-efficient or accommodating health coverage. A few things to keep in mind include: avoiding high out of pocket deductibles and co-insurance. If you are prone to go for treatments or see the doctor often, you will have to pay much of the costs until your deductibles are met. Many people overlook the amount of deductibles they might have to pay and focus on the monthly premium cost. So be sure you know what your policy covers and what your out-of-pocket obligations are.

If you have any questions about this article or you need help making sense of the available health plans, feel free to call us at: 914-633-1717