With so many health insurance providers, selecting the right plan can be tricky. How can you select the right plan for you and your family? Taking some time to understand an insurance plan can help you gain maximum value from it. Whether it's through an employer or a federal market place, there are several factors you need to consider as you select an insurance plan.
Coverage
This refers to the range of health services covered by the insurance plan. Which health conditions are covered by the insurance plan? Consider services such as hospital visits, maternity care, emergency health services and prescription drugs among others. How often can the services be accessed in a year? Consider whether the insurance plan limits the health providers to be used. If you have a favorite doctor, for instance, consider if he is in the network. Consider if the in-network doctors and hospitals are strategically located for you. Should you need the services of an out-of-network doctor, will you have to pay more? If you spend a lot of time outside your home area, consider if the insurance cover is applicable to other states as well. If you happen to be on prescription medication, ensure that the medication is covered in your preferred health insurance plan.
Summary of benefits
It is advisable to compare several insurance plans and the summary of benefits offered. Evaluate various insurance plans and select the one that suits your needs and those of your family. The most common insurance plans include Preferred Provider Organization (PPO), Exclusive Provider Organization (EPO), Health Maintenance Organization (HMO) and Point of Service (POS). PPO plan allows you to go in or out of network. The health rates are in-network but clients also get a considerable coverage for out-of-network health services. For EPO plans, clients receive health benefits from in-network providers and have to foot the bills for out-of-network health services. HMO plan allows clients to select a Primary Care Provider (PCP) who meet most of their health needs. With POS, clients can have a little bit of everything. You can go in and out of network but you still need to identify a primary health provider.
Cost
Whenever you are selecting a health insurance plan, ensure that you understand all the costs involved. The main costs include; premiums, deductibles, coinsurance, and copayments. Premiums are the monthly payments for the insurance plan and they vary from one plan to the other. A deductible is an amount you need to pay for health services before the insurance coverage sets in. Some health services may not require you to pay a deductible; the insurance plan pays from the onset of the treatment. By understanding all the costs involved, you can select an insurance plan that suits your budget.
The key to accessing the right health insurance plan is a comparison. It is not advisable to settle for the first plan you come across. Instead, take some time to compare what different companies have to offer. Explore online insurance marketplaces to get all your questions answered. Should you feel overwhelmed, consider contacting a professional to guide you through the selection process. Do not choose an insurance plan solely based on its price. Instead, compare the cost of the plan as well as its benefits. This will help you select a plan that gives you value for the coverage you need.