3 Factors To Consider When Choosing A Health Insurance Plan

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understanding changes in health insurance

The rules, regulations and restrictions of medical insurance can change a lot over short periods of time. What may be covered this year may not be next year. The premiums that you are paying this year could double next year. How much do you pay out of pocket before your insurance picks up the expenses? Do you have an out of pocket limit to meet before your insurance covers anything? Our blog will help you gain a better understanding of how your insurance works to protect you and assistance in reading the documents you receive to alert you of upcoming changes on your health insurance policy.

3 Factors To Consider When Choosing A Health Insurance Plan

19 June 2019
 Categories: , Blog


Health insurance is important for many reasons. Not only does it reduce your out-of-pocket costs if or when you and family members become ill, but it also aids in preventative care, improving your overall quality of health and wellness. In addition, having the right type of health insurance coverage gives you peace of mind. Unfortunately, most people do not fully understand their coverage and what type of coverage is right for their needs. Here are a few things to consider when choosing a health insurance plan.

Premiums

Premiums are the payments you will make each month to start and maintain your health insurance coverage. Unless money is no object, you will most likely want to make the premiums a top priority when choosing your health insurance coverage.

Many people opt for the plan with the lowest possible premium, but this could be dangerous, since the more affordable policies may not provide the best coverage for you and your family. In many instances, the lowest premiums will be for policies with high deductibles and numerous restrictions.

Although it should be a concern, the premiums should never be the only factor to consider when choosing a health insurance policy.

Deductibles

When researching health insurance plans, pay attention to the deductible amounts, as well. The deductible amount is the amount you must pay before your insurance coverage kicks in.

A plan with a lower deductible will most likely have higher premiums, and a plan with a higher deductible will have lower premiums. If you are anticipating a lot of medical care, you will need to weigh out the pros and cons of having a lower deductible and higher premium payments.

Also, you may want to consider a high-deductible plan, since it would qualify you for an HSA, or health savings account. This account allows you to deposit money periodically, ensuring you have the funds to pay the out-of-pocket costs for either deductibles, copays, or other medical expenses.

Specialists

It is also important to determine whether you want a plan that permits visits to certain specialists. For example, if you are living with a specific condition or require specialized care, make sure this type of care is covered under the policy you are considering to avoid excess medical expenses.

If you are not under care currently by a specialist but believe you may require this special care in the future, choose a plan that does not require a great deal of time or effort to have your primary care physician refer you.

Contact local insurance companies to learn more about available family health insurance plans