How to select a health insurance plan
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mployers and individuals may begin to shop around for new health insurance plans as the fiscal year comes to a close. Cost and the proximity of doctors and medical services often motivate consumers to switch their insurance plans. According to the Kaiser Family Foundation and the National Conference of State Legislatures, the average family plan in the United States costs almost $16,000 per year, with employees enrolled in a company plan paying around $4,000 of their own money. Finding a new health insurance plan can be challenging. With so many offerings, it can be difficult to find the best available option for you and your family. When open enrollment season arrives, understanding health insurance terminology and your own needs as a policy holder can help make your decision that much easier. · Verify network doctors. Finding doctors you can trust can make all the difference when managing your health and the health of your family. If you already have a primary care physician and/or specialists you like, confirm that the new plan’s network includes these doctors. Otherwise, you may be subjected to out-of-network costs that can quickly add up. · Make a list of your priorities. Relatively young and healthy individuals may have more flexibility with their insurance plans. However,
have higher copayments and deductibles so that your overall insurance bill each month is lower.
Finding doctors you can trust can make all the difference when managing your health and the health of your family. those thinking of starting a family or people with a preexisting health condition have to be certain an insurance plan covers the preventative care and other specialized screening tests/drugs they need. · Understand your share of the costs. Plans often are broken down into three different cost requirements for members: copayments, coinsurance and deductibles. A copayment is the fee charged by the doctor for each visit. Copayments vary but may fall between $10 and $30 for primary care physicians and even more when visiting specialists. A deductible is an amount of money you must pay out of pocket before
your insurance provider will begin to pay. For example, you may need to reach up to $5,000 for generalized healthcare costs before the remainder of care for the year will be fully covered by the insurance plan. Typically, after a deductible is met, coinsurance will kick in. Coinsurance is a percentage-participation in the plan. That means the insurance carrier will pay a predetermined percentage of the costs, such as 80 percent, and then you will be responsible for the remaining balance (20 percent). These fees help health insurance companies offset costs. You can seek plansthat offer the lowest out-of-pocket expenses or ones that
· Look for annual limits. Some plans will put a cap on how many visits you can make to a specific provider in a given calendar year. If you must visit specific doctors many times per year, look for plans that do not set limits on visits. · Don’t forget prescription drugs. Health insurance plans often include prescription drug plans. Check that medications you take are covered by a plan you are considering before buying the plan. Health insurance can be a tricky subject. Investigating all of the options and basing your decision on need, and not necessarily price, can ensure you get the plan that is right for you.