An Easy Step-by-Step Guide to Buying the Right Health Insurance Plan
By Picking the right insurance plan can be a tricky process, but a wrong decision can prove to be very dangerous. Here is an easy step-by-step guide to help you choose the best plan for you and your family.
Step 1: Pick Your Health Plan Marketplace
If you are currently covered under your employer’s health insurance plan, you can continue enjoying the benefits. You can always switch to alternate plans if you wish to.
If your job doesn’t provide health insurance, you can find a plan in the federal marketplace at the lowest premiums.
Step 2: Compare Health Insurance Plans
While picking a plan, you’ll come across multiple options like HMOs, PPOs, EPOs, or POS plans. The plan you decide to go ahead with determines the network of doctors you get access to and the kinds of out-of-pocket costs you’ll have to end up paying. Going through the summary of benefits is a good way of getting an at-a-glance view of everything a plan entails.
Step 3: Check the List of In-Network Healthcare Providers
Visiting an in-network health service provider costs less with health insurance. If you have any preferred doctors that you want to continue seeing in the coming years, you should make sure they are included in your health insurance provider’s plan.
In cases where you don’t have a preferred doctor, you should pick a plan with a larger network of medical professionals.
Step 4: Assess the Additional Out-Of-Pocket Costs
Out-of-pocket costs are one of the most important factors that you should take into consideration while picking a health insurance plan. It is important for you to know that the total you can spend out of pocket in a year is limited. The maximum out-of-pocket spend you can expect to have is usually listed in your plan information. A general rule of thumb to keep in mind is that the lower your premium is, the higher your out-of-pocket costs will be.
Step 5: Compare the Benefits Offered by Different Plans
Some plans usually offer better coverage and include additional services like mental health care, physical therapy, or fertility treatments. Some plans might offer better emergency coverage. So, compare the benefits of different plans and pick one that suits your needs.