Choosing a health plan can be a tricky and overwhelming process. There are hundreds of health insurance plans available and none of them seem to be in clear and easy to read language. In fact, most insurance plans come with large packets of information that are difficult to read. How can you choose the right health insurance plan for you and your family? There are really only a couple of points in the policy that you have to pay attention to, in order to make your decision.
Cost of health insurance
This is perhaps, the most important factor to consider. While you want a health insurance policy that is inclusive of all your medial needs, you also want one that you can afford. You will want to look at the monthly payment amounts, as well as the physician co pay amounts. Lower monthly payments often translate to higher physician co pays and vice versa. It is important to find a balance. Consider how often you visit your physicians and how much you can afford out of your monthly pay checks. You are also likely to find that larger families usually receive discounts, versus a single individual.
Individual medial coverages
In addition to price, you will also want to pay attention to the specific medical coverages. Most health insurance policies will cover the basics, physician check ups, hospital visits, specialist physician visits, and ER care. Most policies allow you to add dental and vision for a discounted price. Other optional medical coverages might include chiropractic care, physical therapy, and mental health coverage. If you require any of these additional medical services, you may want to choose a coverage that includes them.
Life insurance availability
Some health insurance policies include life insurance as well. Life insurance may not be important to you if you are a single, young employee. However, if you are older or are responsible for caring for a family, life insurance may be important to you. Life insurance policies, however, can be purchased on top of an existing plan. Life insurance policies can be purchased at almost any benefit increment, including affordable term life insurance, from as little as $10,000 to benefits that pay in the millions. Generally speaking, the more that you pay into the policy, the more that the policy is worth.
Insurance requirements
The specific requirements to carry the insurance are also important. For example, some insurance policies require that the patient receive annual physical exams. Others require that the patient be a nonsmoker. Choosing a medical insurance provider also means finding one that you are able to meet the requirements for. Consider yours and your family members current living styles and if you will be able to meet the requirements of the insurance provider.
Special medial needs coverages
Today, more than two thirds of all health care costs are for treating chronic illnesses. Among health care costs for older Americans, 95% are for chronic diseases (The State of Aging and Health in America 2013). You will want to evaluate any special medical needs among you and your family members. Chronic illnesses may not be covered by some policies. If your children require regular dental visits for braces or other corrective procedures, you may require a stronger dental plan. If you are a senior that is on Medicare, you might require one of the best Medical supplements to meet all of your medical needs. Also, look at preexisting conditions. The U.S. has the highest rate of chronic health conditions including diabetes and heart disease. (The Commonwealth Fund, 2014). Preexisting conditions usually require more specialized of medical care.
There are many different health insurance plans to choose from. Each of these plans have different monthly payments, copay amounts, restrictions, requirements, and specialty availability. As long as you pay attention to these different insurance characteristics, you can choose the best insurance plan for you and your family.