Top 5 Factors to Consider When Selecting Health Insurance Plans

Navigating through the healthcare system requires time and an understanding of what each policy contains. If you’re choosing from an employer-issued benefits plan, your options are limited. For individuals utilizing the Affordable Healthcare options, the availability of plans is more extensive.

Regardless of which route you are taking, selecting health insurance plans requires a clear understanding of what you need vs. what’s available.

Are you in the market for health insurance? Keep reading to learn the top five factors to consider when comparing insurance costs and buying health insurance.

1. Selecting Health Insurance Plans to Fit Your Needs

It’s easy to select the health insurance plan that is most cost-effective for your budget. This can become a costly mistake for someone with a pre-existing health condition.

When looking for health coverage, you must consider all pre-existing health conditions you and your family member have received a diagnosis by a medical professional.

You’ll want to compare your annual medical expenses and out-of-pocket cost using multiple plans. 

2. Consider Annual Deductibles

Today, more health insurance providers are offering high deductible policies to reduce costs for employers and employees. Although you’ll spend less on monthly premiums, you’re going to spend more out-of-pocket if you have medical expenses.

Deductibles are the amount of money the insured will need to pay for medical services such as blood work, tests, and emergency room visits.  Some plan deductibles for the least expensive plans can reach $5000 or more annually. 

If you have a high deductible plan in Canada, be sure to replace health card coverage when you relocate.

3. Do You Have Pre-existing Conditions?

A pre-existing condition used to play a big role when buying health insurance. It was important to understand the insurance terms and conditions to ensure your prescriptions and treatments were covered. 

Under the Affordable Care Act, insurance companies can no longer deny someone coverage for pre-existing conditions. Companies also cannot charge more if someone has a prior diagnosis.  

4. What are the Co-Payments and Coinsurance Costs?

Every insurance plan has some form of co-payment and co-insurance structure. Co-pays are the amount you pay to the doctor or healthcare provider at the time of service. For example, an office visit to your primary care physician may cost $20 for each visit.

Coinsurance is your portion of healthcare cost, or the amount not covered by the insurance provider. 

5. Does it Have Good Prescription Coverage?

Prescription costs are rising, so you want a plan that has good coverage. This is crucial for those with ongoing medical conditions such as high blood pressure, diabetes, and cancer. 

Look into mail order prescription fulfillment to cut costs.  

Select a Policy Best for You and Your Family

It’s easy to select the least expensive policy when selecting health insurance plans. In addition to the tips above, consider future health expenses such as having a baby. A change in medical expenses can leave a massive dent in your finances. Is your overall health important to you? Continue to browse our health section for more valuable tips and the latest trends.