Getting a Health Insurance has never been an easy thing with several complications related to the process. Before finalizing any health insurance plan, make sure that you are prepared with every necessary detail related to the purchase of a health insurance plan.
Here are 11 basic pointers that will clear the confusion related to the process and ensure a smart buy.
1 Finding The Marketplace
Most of the people get health insurance through their employer. Such people do not need to make use of the government insurance exchanges and/or marketplaces as their work is the marketplace. Although one can search for an exchange plan apart from the one offered by the employer.
3 Check For Grandfather Exemptions On The Employer’s Offered Plan
If the employer makes no big changes to the insurance plan, it is likely to be grandfathered in and is not subjected to some provisions required in the health reform law. These contain free coverage without a copay for some medical services such as depression screening or blood pressure, immunizations etc.
3 Choosing The Insurer
If your employer doesn’t offer health insurance benefits, you can get one from several other marketplaces as well. Find the insurers that offer low premiums either through a private exchange or directly from an insurer. Such people won’t get perks that are usually income-based offers on the monthly premiums.
4 Find A Plan That Best Meets Your Needs
The three types of insurance plans are PPO (Preferred Provider Organizations), HMO (Health Maintenance Organizations), and POS (Point-of-Service plans). All of them have different objectives that offer different benefits.
5 Comparing The Available Health Insurance Plans
It is very important to compare various plans in terms of its coverage, benefits, and most importantly, the needs of your family. However, it is impossible to predict the medical costs but being aware of all the current trends and offers would help in making an informed decision.
6 Compare Different Health Plan Networks
With an in-network doctor, the costs lower down as insurance companies contract reduced rates with in-network health providers. While with out of network, costs would rise as the doctors don’t have contracted rates. In case you want to visit your preferred doctor, do check their name in the provider directory for the health plan you are considering.
7 Compare The Out-Of-Pocket Costs
As the network size is important, so are the cost-sharing. Any health plan’s benefits’ summary should have a clear mention of the total amount that the insurance taker would pay out of pocket for availing the services. Genera, lower premiums have higher out-of-pocket costs attached to them.
8 Comparing The Advantages
By now, you must have finalized a list of preferred options, to further shorten the list, comparing the offered advantages may help. Always make a wise decision by choosing the health plan that covers a wide range of services. This is likely to contain physical care, mental health care, and/or emergency coverage.
9 Don’t Get Distracted By Freebies
In order to reap benefits with the newly introduced health plans that offer free routine preventive care services to its customers, do not switch off your existing plan. This might be costing you much after a certain point. These are meant to make a new customer base with attractive offers.
10 Consider Opening A Separate Account For The Healthcare Expenses
In order to save on premiums, it would be good if you open a separate account as a healthcare savings account. You can use this money to pay for various medical expenses. One great thing about this is that these get subtracted from the pretax income.
11 Checking The Prescription Coverage
Your health insurance plan may add or remove certain medicinal drugs on a yearly basis. If you take certain medicine on regular basis, do not forget to check them on this year’s coverage list. This would eliminate the chances of paying for them when you are paying for your health insurance.