Selecting a new health insurance plan can be a confusing, stressful experience. If you know what to look for in a health care package you can ease your anxiety. Use these 5 tips to find the right plan for you.
Choose the Right Plan
Point of service(POS), preferred provider organizations(PPO) and healthy maintenance organizations (HMO) plans are the 3 most popular plans for employees. HMOs can save you money but since you need to choose from a specific network of medical professionals you lose flexibility. PPOs encourage you to stay in network but you can choose doctors outside of your network for a heavy fee. POS plans provide you with a combination of HMO and PPO benefits. Going out of network is possible with POS plans but you would need to pay a sizeable fee to do so. A POS set-up generally requires you to receive a referral from an in network physician if you want to see a specialist.
Think about Preferred Physicians before Selecting a Plan
Are you prepared to part with your favorite doctor? Before you sign up for a new health insurance plan make sure that your doctor resides in the network. Most people trust their health only with a preferred physician. If you suffer from a chronic illness and need to see your favorite physician frequently paying a huge premium for out of network appointments might place a heavy strain on your wallet. Consider your favorite doctor and the strength of your relationship prior to changing plans.
Young, healthy workers should think about paying more out of pocket before your coverage plan starts in the form of a much higher deductible. Skip the higher premium since you are taking care of your health. Most companies offer online calculators for comparing costs of different health insurance plans. Add coinsurance and copays to your final tabulations. You may need to pay some of your hospitalization, prescription and physician’s fees.
Explore the Possibility of Adjusting Your Current Plan
If your healthcare requirements have changed consider adjusting your current plan to meet your news. Perhaps choosing a new plan proves to be too expensive for your budget. Expecting parents should consider maternity coverage for their new addition. Maybe you need to add an adult child who is facing steep medical bills back onto your health care plan. Work with your present plan options before making a significant investment in a new health care alternative.
Assess Plan Changes before Re-enrolling
Surprising costs might arise if you neglect to review plan changes. Various services might have vanished from the previous health care plan. If you need an adjustment at the chiropractor you might be in for a surprise after your visit. The cost of covering your husband, wife or children might have increased since you last reviewed your plan. Before getting blindsided stay current with any major or minor plan changes. Continual rising health care costs almost guarantee a rise in plan premiums.