As open enrollment for health insurance approaches, it’s essential that you evaluate both your healthcare needs and budget before selecting a plan. Start by compiling a list of your family’s prescription drugs and medical needs – then determine which plan best meets these.
Carefully consider whether any plans offer coverage of the doctors you prefer in their health insurance network to minimize out-of-pocket expenses.
1. Know Your Needs
Before purchasing health insurance through your employer or through the Health Insurance Marketplace, it’s essential to evaluate your healthcare needs carefully. Examine both income and potential medical expenses such as doctor visits, prescriptions or specialist care costs before considering what monthly premium payments you can comfortably afford.
Compare family health plans based on coverage, costs and provider networks in order to select one that balances affordability with comprehensive healthcare services. By doing this, you’ll be able to find a plan tailored specifically to your unique healthcare needs.
Create a list of the healthcare expenses your family incurs frequently and use this as a starting point when searching for family health insurance plans. Be sure that any plans under consideration offer network access for the doctors in which your family prefers. UnitedHealthcare boasts an expansive network of providers in numerous regions around the country while BlueCross BlueShield (BCBS) has HMO and PPO plans available as options.
2. Compare Plans
No matter if it’s your first time or you need to switch plans, understanding how health insurance plans vary in cost and coverage is key to making an informed decision. Each plan offers access to a network of doctors and hospitals; however, their size varies across types of plans.
By choosing doctors within your network, it will save money on copays, deductibles, and out-of-pocket maximums. Before signing a plan contract or selecting healthcare providers outside your network, be sure to confirm if their costs differ substantially – going outside-network will generally incur more expenses.
Compare plans by reviewing monthly premium, deductible, coinsurance and out-of-pocket maximum costs associated with each plan you are comparing – this information will help you select one that is the best fit for you and your family. At the health insurance marketplace, compare costs and coverage options like drug coverage and provider networks before running an instant quote to see which plans are available in your area.
3. Choose a Plan with a Low Deductible
When selecting your plan, it is vitally important to keep the deductible, coinsurance and out-of-pocket maximum in mind – this will help prevent unexpected costs in the future. Furthermore, be sure to double-check that any doctors you currently see or would like to visit are included within its network before making your final choice.
As you transition out of your parents’ health insurance for the first time, switch employer plans or shop in the marketplace, it is vital that you do some research in order to select a plan best suited to you and your family. By asking yourself some quick questions, it can help narrow down your options and choose a plan best suited for you; for example if you plan on frequent doctor visits or have emergency savings set aside then a high deductible plan with lower premiums may be best; conversely if minimizing out-of-pocket costs is of primary importance then perhaps a plan with lower deductible but higher coinsurance may be more suitable – or vice versa
4. Choose a Plan with a Large Network of Providers
Your chosen health plan should provide access to a broad network of doctors, specialists and hospitals in your area – this will keep costs down while making sure all your desired healthcare providers are included in its network; otherwise additional out-of-network charges could arise.
Before looking for health insurance plans, make a comprehensive list of your current and future healthcare needs for both yourself and your family, such as prescription drug coverage, doctor visits, upcoming procedures or treatments, budget considerations and any consideration of purchasing an HDHP with an HSA (Health Savings Account).
There are various kinds of family health plans, such as HMOs, PPOs, EPOs and POS plans. Each type offers its own set of benefits and costs; HMOs typically require you to stay in-network and seek referrals for specialist care while PPOs allow out-of-network visits at higher costs; EPOs and POS plans combine the best qualities from both plans by offering lower premiums with greater flexibility.
5. Choose a Plan with a High Deductible
A deductible is the initial expense associated with receiving medical services before your insurance plan covers expenses. Plans with high deductibles tend to be cheaper, though be wary of potential higher out-of-pocket expenses before selecting this type of plan.
Before selecting a plan, assess the healthcare needs and costs for you and your family, and costs associated with them. Check whether doctors and hospitals you regularly visit are part of a plan network; some plans require you to select a primary care physician (PCP) or require referrals before visiting specialists.
Once you understand your family’s healthcare needs and wants, it’s time to begin exploring plans in the Marketplace. Compare premiums, deductibles, out-of-pocket maximums and provider networks before eliminating any plans that don’t include preferred doctors or medications in their network. Don’t forget any employer contributions towards a health savings account (HSA); use HSA calculator in Marketplace for an estimate of potential healthcare costs with each plan so you can select one that best meets them all – then choose what’s right for your family!
