03 May 2017

How to Compare Health Insurance Plans

How to Compare Health Insurance Plans

If you’ve recently had to purchase your own health insurance policy or you have taken a look at the Health Insurance Marketplace, you may be confused by the options that are available. Finding the right health insurance policy takes some effort, but it doesn’t have to take a lot of time for you to find a policy that works best for you.

When looking at so many different options, the details can be hard to keep track of. In order to not be underinsured or over-insured, it’s helpful to compare health insurance plans. Here are a few ways to sift through applicable health insurance policies quickly and effectively.

  • Talk to your doctor

When looking for insurance policies, make sure the doctor you go to the most often is covered under the plans you are looking at. Getting in-network coverage can reduce your health insurance co-pays and rates, depending on the company you are working with. Going out of network could cost you more.

Comparing plans allow you to find a health insurance plan that is within your network, so you can keep going to the doctors you already are comfortable with. Once you find insurance plans that are in network, you can pick and choose the plan that fits your needs best.

  • Evaluate your health care needs

Think about the last health insurance policy you had. Did it meet your needs? Did you have trouble making claims? Were your doctors in network? Before you pick a new health insurance plan, think of the ways that your old insurance policy could have been improved.

Remember what your deductible was with your previous policy and if you met that deductible. A higher deductible usually means you’ll pay lower monthly premiums. If you didn’t hit your deductible amount last year, you can think about increasing this part of a new insurance plan. Of course, you’ll want to make sure you have the money to pay a higher deductible should an accident or illness happen.

If you have had higher health care costs in the past, choosing a plan where you pay more might be a better option for you. Of course, if you have health insurance through your employer, they may contribute money to a health savings account that you can use for any medical emergencies you may have.

  • Health insurance marketplace

The health insurance marketplace has a feature that allows you to compare health insurance plans when you are searching for the right policy. Using this tool, you can compare health insurance plans you are interested in side by side to compare deductible amounts, out of pocket costs, and other details regarding individual policies.

When it comes to choosing the right policy for you, look forward and backward. Look at your old health insurance policies and pick out what worked and what didn’t. If you need to make a change in your out of pocket costs, look for policies that meet that need. Talk to your doctor about the insurance policies they accept, and make your health insurance work better for you.

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