How to choose a health insurance policy - Le fou de Motley ☞ Health Insurance

Need for a mutual health
insurance Health insurance, as well as medical costs, increase from year to year. In fact, health insurance inflation is higher than that of food and other items. While inflation in the food and clothing sector is single digits, health insurance costs usually climb to two-year digits.

Considering the high price of the main medical treatments, health insurance is imperative for just about everyone. However, the costs, coverage, and other features of health insurance vary widely. It is therefore important to choose the plan based on your needs, resources, and medical history.

Identify your source

If you are lucky enough to take out health insurance provided by your employer, limit your options to the plans offered by your employer. If you are not covered by your job, an organization or association to which you belong can allow you to take out health insurance through this one, at a group rate.

Another option is to check the market for your Obamacare health insurance to find out if you are eligible for a premium credit, which will allow you to take advantage of reduced premiums. Even if you do not qualify for the credit immediately, you can buy and be eligible for your health insurance when you enter your tax return for the year.

If you cannot or do not want to purchase health insurance from one of these sources, you must fall back on the purchase of a private plan. This gives you the widest range of options, but it will likely be much more expensive.

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Decide what type of policy you should buy

There are several types of health insurance, although you may not have access to all of these options through your preferred source. Health care organizations (HMOs) are a very common type of health insurance. With an HMO, you need to seek help from a health care professional listed on the referral network, and your primary health care provider needs to see a specialist.

Preferred supplier organizations (PPOs) are also quite common. PPO health insurance has a network, but you are not limited to network care - even if the use of network providers is cheaper - and you do not need references to consult specialists.

Exclusive supplier organizations (EPO) are a hybrid between HMO and OPP. You have to stick to the diet network, but you don't need to call in specialists. Finally, POS plans are a less common option, unlike the EPO. You are not limited to the POS plan network, but you need a referral to consult a specialist.

Among the four common plan types, an HMO or EPO tends to be cheaper than an OPP or POS offering the same coverage. However, if network coverage is poor in your area or if you are uncomfortably limited to network providers, it may be worth paying a little more to get a PPO or POS policy.

Large deductible versus low deductible

Either way, the higher the deductible, the lower the monthly premiums. A high deductible means that you have to pay any health care benefits even before insurance is paid. However, if you have little to no medical costs in any given year, these plans can be a good deal. Very low medical costs mean you probably won't deduct the deductible, even with a deductible plan. This gives you a great value plan that keeps insurance costs as low as possible while protecting you in the event of a disaster.

If you decide to take the high-value route, you benefit from a Health Savings Account (HSA) plan and you finance it with a deductible of at least one year, the best option. A SAH The plan covers the biggest weaknesses of high-level health insurance, which is that you have to shell out a lot of money to cover significant medical expenses before the insurance takes over. If you have a hidden deductible in HSA all year round, you can only spend this money to finance your share of the expenses while benefiting from them. triple tax advantage as an HSA offers.

Compare coverage

Two key factors determine how well a particular plan will cover your medical expenses: the plan network and coverage policies. Even if you choose an options plan outside the network, such as a PPO, you will do better to use network health services as much as possible as this will reduce your costs. And the rules that a health insurance policy uses to determine what is covered and what is not - and the degree of cooperation that will be - can have a big impact on the real usefulness of a given font.

For example, if it is a fairly expensive medication that you take every day, you will most likely get a health insurance policy listing that medication in the form. If you travel a lot, stick to plans that offer good treatment options outside the region. And if you already have a primary care doctor, you will certainly choose a plan that includes your doctor in their network.

Find the best deal

If you're stuck between two or three different guidelines and can't decide which one to choose, try this exercise. Multiply your monthly premium by 12 to get your annual plan, then add to the plan's maximum cost. The result is that you will end up spending more on health care if you had one or more significant medical expenses during the year. Perform this calculation for each plan you are considering, then compare the results. The plan with the lowest total is probably the best deal for you.