There are so many factors to consider when choosing a health insurance plan! How high are the monthly premiums? How large is the deductible? What is the maximum you will have to pay out-of-pocket per year for covered medical expenses? How much is your copay for doctors’ and specialists’ visits? How much of the cost of prescription medications will the plan cover? You need answers to all these questions when shopping for a health plan.
Unfortunately, with so many options out there, too many people choose unwisely in selecting health insurance. For example, healthy people who rarely need medical care may choose low-deductible, higher premium plans that end up costing them more in the long run. The right plan for you will depend on your individual healthcare needs.
When Is A High-Deductible Plan A Good Fit?
Premiums are lower for high-deductible health insurance plans. This factor may make these plans a good fit for healthy people who seldom see a doctor. High-deductible plans may also be a good choice for families with young children, who tend to pick up illnesses at school or daycare, or for people with chronic health conditions who need ongoing medical care. With frequent doctors’ visits, these families and individuals can easily meet higher health plan deductibles. As of 2020, being enrolled in a plan with a minimum deductible of $1,400 for an individual or $2,800 for a family will qualify you for a health savings account that offers tax advantages.
When Is A Lower-Deductible Plan A Better Choice?
If you would delay getting the healthcare you need rather than pay out-of-pocket for that care, a low-deductible plan may be the best choice for you. Some people do not have enough extra cash set aside to continue paying for necessary medical costs until they meet a higher deductible. If this is the case for you, it may be better to pay higher premiums to lower your deductible, so you can get the care you need when you need it.
Are Your Doctors In Network?
We all have the right to choose our preferred doctors and healthcare providers. One crucial factor in selecting a health insurance plan is whether your doctors are in network for the plan you are considering. Call the office of each of your providers to find out if that doctor is in network for that particular plan. If you go to a doctor who is out of your health plan’s network, you may end up paying much of the cost of your treatment out-of-pocket.
Do A Step-By-Step Comparison
After you select your health insurance marketplace and decide on the type of health plan you prefer, it is time to do a step-by-step comparison of the various plans available. There are a lot of factors to consider when choosing a health insurance plan, including benefits, the type of plan (HMO, PPO, etc.), the premiums, the deductible, out-of-pocket maximum, whether your doctors are in the provider network, and if your regular and necessary care is covered. Our friendly agent will be happy to assist you in making this important decision.
