How to Choose the Best Health Insurance for You ?
With so many different types of health insurance plans and restrictions out there, it can be difficult finding the best health insurance for you. However, this process is not impossible to do well with a little research. There are a few items to look for when deciding on health insurance plans, and by considering them all you can make a good decision for yourself and your family about health insurance.
The most important thing to look for when choosing your health insurance
The most important thing to look for is coverage. More often than not, insurance will cover physician visits and fees. Your health insurance should also cover :
- hospital expenses such as room and board in case you are kept overnight or longer for observation or treatment.
- Good health insurance should also cover surgeries and any expenses associated with surgical treatment.
Beyond these typical items of coverage, health insurance plans can diverge greatly. To really understand what coverage you would utilize and which plan would save you the most money, you will need to make a list of items that you want covered in an insurance plan. For instance, do you have glasses or contacts?
Then you may be more interested in a plan that covers vision - either paying for your eye exam and/or partially paying for your glasses or contacts. Though many people think that health insurance covers prescriptions, prescription coverage is actually an optional benefit. If you know that you often have prescription drugs to fill, finding insurance that offers prescription coverage may be a must. If you are a woman and plan on having or want to have children, maternity care or family planning services are also optional benefits that you may want to consider. Once you make this must-have list of optional coverage, you can begin looking for health insurance plans that give you the opportunity to add these optional benefits.
What kind of coverage do you need for prescription medications?
Each plan has a list of medications that are covered. This is called the Prescription Drug List. If you have medications you take on a regular basis, check the list so you'll know your costs and possible deductibles before you choose your plan.
Another item you should definitely consider is if your current physicians or specialists are included in the health insurance company's preferred provider network or if you have the opportunity to choose any physician (often the case only with indemnity or traditional health insurance plans). If you would like the freedom to choose your own doctor, traditional health insurance plans or preferred provider organizations may offer more attractive plans - though these also cost a little more.
How expensive is the typical health insurance plan?
You've probably heard that health insurance is expensive, but just how expensive is it?
Plan prices vary greatly depending on the benefits you choose. However, according to eHealthInsurance , the average premium paid for people age 25-34 was $312 per month.
Part of the lower price is due to being younger, but part is also likely due to the types of plans chosen. eHealthInsurance also mentioned the average monthly premiums per metal level were:
$206 for catastrophic plans
$434 for bronze plans
$498 for silver plans
$597 for gold plans
$709 for platinum plans
Keep in mind, if you get health insurance through a job, your employer will likely pay part or potentially all of the monthly premium of the health insurance plan.
After researching different coverage plans and physician requirements, compare deductibles and monthly premiums to find the best deal. Often, you can get group rates through your employer, or you may find that artist organizations (for freelance artists) offer health care plans. By researching price, as well as other health insurance options, you can make the best choices for your family.
Where to find health insurance
Now that you understand the major types of health insurance plans and have an idea for how much they cost, it's time to start looking for your health insurance plan options. Thankfully, there are quite a few places you can find health insurance plans.
Where Can I Get Health Insurance?
Most people get their health insurance through a group plan sponsored (and often at least partially paid for) by their employer or a spouse's employer. But many small employers don't offer health insurance. If your company is one of them, you might be able to get group insurance through membership in a labor union, professional association, club, or other organization that offers health insurance to members.
If you're unable to find group coverage, you can buy an individual policy, which in the past were extremely cost-prohibitive for many. One of the primary objectives of the Affordable Care Act also known as ACA and Obamacare was to overhaul the individual health insurance market and make individual plans for affordable.
You can now search through the ACA's health insurance exchanges called marketplaces through HealthCare.gov , where you can search and compare policies and see if you are eligible for any subsidies. You can still opt for individual plans that are offered directly from an insurance carrier or an agent or broker (referred to as off-exchange plans).
How to get the most from your health insurance
Want to know how to put your health care coverage to good use? Watch this video for some expert tips.
Understanding the Kinds Available Plans of health insurance
In the United States, there are about five different types of health insurance available: traditional health insurance; preferred provider organizations or PPOs; point-of-service plans or POS; health management organizations or HMOs; and most recently, health savings accounts or HSAs. With so many types of health insurance, it may be confusing trying to figure out which one best fits your needs, so thoroughly research each and speak with a professional if you need clarification.
Pocket Cost
Traditional health insurance is the one that most people think of when they think of health insurance. You pay the insurance company a premium every month, and if you have an accident or need for health coverage, you have a deductible amount you must pay and then the insurance company picks up the rest of the bill. You often have an inexpensive office and/or prescription co-pay with traditional health insurance.
Network Providers Reduce Their Costs
With people living longer, health insurance companies began to look for more ways to reduce their costs, developing different health plans such as PPOs. PPOs are plans which will cover nearly all of your medical expenses as long as you stay within a preferred network of physicians or hospitals. This network creates a "preferred provider" list that you can choose from. Treatment outside this network of providers is covered but only at a reduced rate, meaning you end up paying more to see a physician outside the network. By limiting the physicians and hospitals covered in their network, the insurance company can control, to an extent, their costs and lower your premiums. POS plans work like PPOs, but require you to have a primary care physician through whom you can receive referrals for specialists. If you need to see a neurologist or a dermatologist, you must first visit your primary care physician for an initial diagnosis in order to receive a referral to a specialist for a more thorough diagnosis. POS plans also have a preferred provider network, and if you choose to visit a specialist or physician outside that network, your coverage will be limited.
Medical Services
HMOs combine a stricter version of PPOs and POS plans. HMOs have a defined list of physicians, often much smaller than PPO networks, which you may see. You will not be covered at all if you see a physician outside your HMO network. Furthermore, you must also get a referral from your primary care HMO physician to see any specialist. However, these restrictions mean that you pay an extra low or no monthly premium.
HSAs signed into law
in 2006 HSAs signed into law by President Bush. You can deposit money into a special non-taxed, interest-gaining savings account that must be used for medical expenses. The ideal situation for an HSA is to combine the account with a low-cost, high-deductible insurance plan. The savings account is designed to allow you to cover the high deductible if you find the need to cover expensive medical costs while the insurance company will pick up the rest of the bill.
Again, it is important to carefully consider each option before choosing a single health insurance plan. Your health is important-make sure it is protected in the best way possible.
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