Before you head out to search for a health insurance plan, brush up your understanding about healthcare insurance plans and the needful steps to buy a good plan for yourself or your family. The process is quite complicated with the countless insurance providers and their infinite plans! Well, we do not want you to suffer this much which is why we have compiled these 11 things that you need to check while buying a health insurance plan:
1 Selecting The Marketplace
The source from which you are getting your health insurance would be your marketplace. A lot of people are offered health insurance from their employer itself. If you are getting one, then you would not want to search for other marketplaces. Only if you want to add something up to your plan, you would need to consider other marketplaces too.
2 Is your employer’s plan grandfathered?
A grandfathered plan is the one where the provider is not liable to make changes in that particular plan. If there are grandfather exemptions put on your plan, then your insurance plan is not subjected to some provisions of the health reform law. These provisions generally include copay for some medical services such as blood pressure or depression screening and immunizations.
3 Choosing the insurer
If you are not being offered health insurance through your employer, you can definitely look for other marketplace or insure. It is advised that you select an insurer whose plan demand low premium values. Although with such plans, you don’t get benefits that are usually income-based offers offered on the monthly premium values of your plan.
4 Keep your healthcare needs in mind while choosing a plan
For your information, the insurance plans are of three kinds: PPO (Preferred provider organizations), HMO (health maintenance organizations), and POS (Point of service). All three of the health insurance plan categories are divided in terms of their benefits and objectives.
5 Compare the health insurance plans available in the market
In order to get the best, do not forget to evaluate the services, coverage, benefits of a particular plan in accordance with your healthcare needs. There are humongous insure providers in the market with plentiful plans for all the customers. Go for the best plan as per the final evaluation.
6 Compare health insurance plans networks
Every health insurance plan is covered by a list of doctors. When you visit a doctor who is listed in your insurer’s list, you are likely to pay less on your total medical bill. Whereas, on consulting a doctor outside the network, it won’t be covered by your health insurance plan. So, if you want to see a particular doctor throughout, do not forget to check their name with the insurance plan.
7 Calculate and compare the out-of-pocket costs
Generally, plans with low premium value come with certain hidden costs that aren’t covered by your chosen health insurance plan. You wouldn’t want to bear this load when you are already paying monthly premiums, would you! Then compare such out-of-pocket costs with the plan.
8 Evaluate the benefits of different plans
Each plan has its own pros and cons. While choosing the right plan for yourself, always weight the advantages and compare them with what other insurers are offering. This would help you invest your money in a plan giving out maximal advantages.
9 Freebies are nothing but a trap!
The recently launched health insurance plans would offer enticing benefits or freebies to grab your attention. But you should stay in your senses and not get distracted by them at all! These are promotional offers which might charge you after a certain time period. Therefore, it is always good to ignore such offers.
10 Opening a separate healthcare expenses account
You can save a lot on your monthly premium values upon opening a separate account for your medical bills. This would also keep your covered during any medical emergency situation. Another advantage of this account is that the funds get subtracted from your pretax income!
11 Do not forget to check the prescription coverage
If there is some particular medicine that you take regularly, then check its name on the prescription coverage list of your insurance plan. As insurance providers yearly update the medicines and drugs on their coverage list. This step would help you to avert any extra payment.