How to Compare Health Insurance Plans
There’s no denying it, shopping around for a health insurance plan can be incredibly daunting. But, open enrollment starts on Nov. 1, so now is the time to examine your options for the coming year! If your job doesn’t supply you with a health care plan, and you shop for coverage through the marketplace, it’s a good idea to start your research early, as there are a lot of options!
No matter where you get your healthcare coverage from, it’s vital for you to understand the plans fine print, how it’ll cover your needs, and what out of pocket costs and premiums you’ll be expected to cover throughout the year.
The four types of insurance plans are:
- Health Maintenance Organization (HMO)
- Preferred Provider Organization (PPO)
- Exclusive Provider Organization (EPO)
- Point of Service Plan (POS).
The biggest distinction between these plans is the immediate need for a primary care physician and the refund (or lack thereof) for out-of-network care.
Four questions to ask yourself before choosing which plan is right for you:
Selecting an insurance plan is ordinarily a one-year commitment, so while you review the policies, ask yourself these four questions:
Is Your Preferred Doctor Within The Policy’s Network?
Find out if your doctor or health care provider is in-network on the plan. If they are not, find out if you will be able to visit them and how much it will cost per appointment.
Are your prescriptions included?
If you regularly take medication, you most likely know that most health care plans divide drugs into cost tiers, which means the amount you pay for your meds will vary by provider. Call the health insurance company to speak with someone who can tell you what our out-of-pocket cost will be.
Where do you need coverage?
Most HMO plans and some PPO plans are regional operations, so they only cover smaller areas. So, if you are one to travel for long periods and would want care available to you in another state, POS or EPO plans may be your best bet.
“These plans can be great for snowbirds who need to maintain routine care, like dialysis,” says Lynn Pokrifka, an insurance broker at Employee Benefit Solutions in Jenkintown, Pennsylvania. “But keep in mind that if there’s an emergency, you’ll always be covered.”
Are you willing to manage paperwork?
Depending on the type of care you need, keeping paperwork in check concerning claims for out-of-network care can be a huge undertaking. If you don’t want to deal with the stress of paperwork and applications, then a managed plan, like HMO or POS, would be a better choice for you.
Once you’ve gone through the process of choosing a health care plan that’s right for you, it will be a relief to know that you’ll be covered when and if you need it. If you have any questions or are interested in how you can purchase the best-priced health insurance plans, call our team of licensed health insurance professionals for a free quote at 1-888-380-8897!