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8 Tips on Choosing the Right Health Insurance Plan for You

8 Tips on Choosing the Right Health Insurance Plan for You

So, you want to pick a health insurance plan? The decision isn’t an easy one, especially if it’s your first time making such a choice. There are many factors to consider when deciding on a plan, such as price, coverage level, and deductibles – and there are many types of plans in the marketplace, from traditional fee-for-service insurance to high-deductible health plans to health savings accounts (HSAs). Here are eight tips on choosing the right plan for you and your family.

Tips on Choosing the Right Health Insurance Plan

1) Avoid comparison shopping

Comparison shopping is a smart way to find your best deal, but it doesn’t really work when choosing health insurance. The options are different from state to state and have very different mandates in terms of what you’re covered for and whether or not your premiums are subsidized by an employer.

2) Don’t get tricked by jargon

When shopping for a health insurance plan, you will encounter industry jargon. In most cases, this is just a different way of saying the same thing and doesn’t need to be confusing.

3) Use your health care provider as your guide

Choosing a health insurance plan can be overwhelming. With all of the plans out there, every carrier has some type of bonus, free this or free that. Which should you choose? The answer is different for everyone. To make it easy, use your health care provider as your guide. They’ll know what coverage best fits your needs and budget.

4) Think about what you might need in the future

It may be tempting to just sign up for the first plan that’s offered to you. If you’re trying to find a plan that meets your future needs, then take some time and really consider what you might need in the next few years. What type of care do you expect yourself or family members to need in coming years? Is there a medical condition present right now? Do you have any pre-existing conditions?

5) Ask friends or family about their experiences

Reach out to people you know and ask them about their health insurance plan. They can tell you what they like or dislike about it and whether or not they’re happy with their decision. Your spouse, co-workers, friends, and family all make excellent resources for finding out more information. This is the one of the best Tips on Choosing the Right Health Insurance Plan.

6) Know when to shop around again

Review your plan every year and switch to a new one if necessary. Just because you’ve been with your provider for years doesn’t mean you won’t find a better deal elsewhere. Especially when insurance prices are changing so often, it’s in your best interest to shop around annually to see what’s available. Also, make sure you know whether or not your company provides group health insurance coverage.

7) Go over it with an expert

#1: Consider your age, income, and family situation.

#2: Get your doctor’s advice.

#3: Compare deductibles, co-pays, and total cost of yearly premiums before making a decision.

#4: Understand how your insurance coverage could change in retirement.

#5: Do some research about preventive health care measures that are covered by your plan.

8) Understand your responsibility in paying premiums

The premium can be set as a flat dollar amount per paycheck or taken from your paycheck each time you are paid. However, employers may decide to not offer health insurance as a benefit to employees, meaning that you will have to pay for the premium without assistance from your employer. Whatever the case may be, it is important to know that you can always use tax-advantaged savings accounts like a 401(k) or health savings account (HSA) to fund part of your future premiums.

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