Your Complete Guide to Choosing the Right Health Insurance

Health insurance is one of the most complex types of insurance for many people. All the different types of policies, coverage options, deductibles and out-of-pocket maximums—it can add up quickly and send your head spinning. Fortunately, it doesn’t have to be that way. If you know what you’re looking for, you’ll have a much easier time finding the right health coverage, regardless of what that means to you.

Employer vs. Individual Health Insurance

Most people have employer-sponsored health insurance plans. If you are one of them, you may be wondering if your employer’s plan is good enough. You might even be considering purchasing a separate policy for better coverage. Before you do anything, you’ll want to compare your employer’s health insurance policy options with the other choices that you have.

Employer plans are usually more affordable, and you can get more coverage for the money. This is because insurance companies offer better rates to companies since they’re ensuring a large group of people. If employer coverage is an option, either through your work or your spouse’s job, your first decision will be whether that’s a good fit for your needs. In doing that, there are some criteria that you’ll want to consider:

Factors to Consider

There are a lot of acronyms and insurance terms in the world of health insurance, which is where a lot of people get lost. It’s a lot simpler than you might realize once you break it down.

For starters, you’ll need to choose the type of policy (HMO, PPO, POS, etc.). HMOs, or Health Maintenance Organizations, are those with a limited provider network, but much better coverage and costs for the most part. Preferred Provider Networks (PPOs) are more flexible and allow people to get out-of-network coverage but they may have higher premiums. POS plans are those that offer discounts and benefits at the point of sale rather than processing claims like a regular insurance policy.

Other factors involved in choosing the right health insurance include:

·  Types of Coverage: You will need to compare policies to ensure that you get coverage for primary care, emergency care, routine and preventive care, surgical procedures, diagnostic testing, hospitalization, etc.

·  Deductibles: Most health insurance plans have deductibles ranging from $1,000 to $3,000, although some may be lower or higher. This is the amount that you must pay before the insurance will kick in. You can get lower deductibles for a higher premium if you prefer.

·  Out-of-Pocket Maximum: OOP, as this is often referred to, is how much you will have to spend in a year before the services are covered at 100%. That means there are no more copayments or coinsurance to worry about. This ensures that people don’t get financially ruined by medical expenses.

·  Providers: If you already have a primary care doctor or other providers, you will want to make sure that they are part of your new health insurance network. If you are looking for new providers, you may just want to choose a plan with a wide network so that you have options.

·  Limitations and Exclusions: Almost every health insurance policy has some type of limitations or excluded coverage to consider. Review your policy quotes before you buy to ensure that you’re not missing out on any essential coverage.

Ask for Help

If you’re still not sure about health insurance or you want a little more assistance, you can ask several different people for help. Insurance companies, independent agents, and even the Healthcare Marketplace reps are knowledgeable and can assist you in selecting the best health insurance for your needs.