Health insurance is one of the important part of financial planning and well-being.It also proves support for the medical expenses,that can effects badly on financial matter.It is very important to note your health needs, financial situations and problems to choose the Right health insurance plan.
There are some steps that can help you to take effective decisions in choosing the right health insurance plan.
Understanding health insurance basics
For making the good Heath insurance plans you need to put some important concepts in considerations.
1- Premiums:
It notice the amount that you use monthly to maintain coverage.
2- Deductible:
It is the amount that you need to pay out-of-pocket to have the health care services before your insurance starts paying.
3- Coinsurance:
It includes the covered health care services for which you share the costs,that are usually calculated as percentage (e.g:20%)
4- Co-payments:
It is the fixed amount that you pay to achieve several services ,such as your visits to doctors and prescriptions.
5- Out-of-pocket maximum:
The most amount that you have paid in a year for covered services in a plan year. when you have once reached to this amount the insurance almost covers its 100% of costs.
How to choose the right health insurance plan
1- Access your health care needs:
Consider factors such as :
Understanding the different concepts for the types of health insurance plan:
1- Heath maintenance organization (HMO):
2- Preferred provider organization (PPO):
3- Exclusive provider organization (EPO):
4- High deductible health plan(HDHP):
It includes the lower premiums and high deductibles than other plans. It is often linked with the hearth saving accounts (HSA) that help you to save for medical expenses tax-free.
Some plans include additional Benefits such as;
1- Dental and vision coverage
2- Wellness program
3- Telemedicine services
Understand your healthcare needs
1- Medical history
3- Lifestyle
Read Also: What is Insurance? Understanding of different types of Insurance.
These steps will help you to find the best way:
Prescription drug coverage
Tiered pricing
Additional benefits and services:
1- Wellness programs
2- Telemedicine
3- Mental health coverage
The first step in choosing the right health insurance plan is to take your current health status And present health care needs of the coming year in considerations.
Regular medication and specialist visit is crucial in chronic conditions.
•Planned surgeries or treatments.
•Note visits to doctors and frequency.
•Looking forward the use of prescription drugs.
•Needs of family planning.
Health insurance plan consists of the various types and each type contain its network of providers and cost sharing methods.
You have a choice to choose primary care physician (pcp) and it typically limits coverage to care provided by in-network providers, except in emergencies.
It provides you margin in choosing health care providers ,both in-network and out-of-network.
It is similar to a PPO but it doesn't include any out-of network care, but in emergencies.
Each type contains its own limitations and advantages so you need to choose that one that is perfectly related to your balance of cost and flexibility.
1-Reviewing additional Benefits:
Note that these services are available for these benefits as well.
It includes some tips that offers discounts for participating in health benefits and gym membership programs.
It provides coverage that includes convenient visits to doctors,minor illness and the routine consultations.
It includes the pre-existing conditions that involves the attention for regular medication.
2- Family situation:
Take in considerations that what is your status about (single, married or do you have children?) .The coverage also depends on the family siza greatly.It involves the Active lifestyle that you lead by including sports or activities.If you regularly notice the prescription medications, it will notice the list of used drugs and their respective costs.Prescription drugs are grouped differently . Ensure that your medicines are relating to the lower cost medicine's group.
Several health insurance plans also involves the additional Benefits beyond basic medical coverage such as:
It includes the discounts for the several factors which are include in choosing the right health insurance plan such as (weight loss programs, smoking cessation programs).
It focus on your resources for accessing virtual doctor visits via phone or video chat.
Mental health coverage programs ara related to therapy sessions or counseling services.
Review and reassess annually:
Due to Several factors such as job changes, family dynamics or Heath conditions can change overtime. check out your health insurance plan regularly during the open enrollment period.
Read Also: How to choose right Health Insurance plan?
Update coverage:
Make sure that your plan is meeting your needs or are being understood by you.
Seek advice when needed:
If the process is confusing for you or you have specific questions in your mind about coverage, don't hesitate to seek advice from healthcare professionals, insurance brokers or financial advisors.
Compare plans and shops around:
After you've gathered all the information related to your healthcare needs,plans types, coverage options and costs,you should finally compare the plans from different insurers.
1- Use online tools:
The tools which are given by insurers or government agencies like websites can also help you to compare plans side-by-side.
2- Seek assistance:
The personalized assistance provided by insurers brokers can help you to understand plan in depth and navigating the enrollment process.
The personalized assistance provided by insurers brokers can help you to understand plan in depth and navigating the enrollment process.
Which is best Health Insurance Company?
Blue Cross Blue Shield and Kaiser Permanente are the best Insurance Company because they have rating of 5.0 on the FORBES ADVISOR RATING.
How to choose the right health insurance plan?
Right Insurance Plan depend on Healthcare, your Medical History and Lifestyle. You can Choose you Insurance Plan according to your need.