Are you in search of a suitable health insurance policy or your policy is up for renewal? Are you looking for a health insurance plan from a different insurance provider? Here are some tips which you can follow to choose the best health insurance policy.
- Check out which plan best meets your needs - There are usually three types of health plans, namely HMO, POS and PPO. The first one offers less flexibility but it's comparatively for affordable; you need to choose physicians within a specific network of doctors. In case of PPO, you can choose doctors from within or outside network; however, you need to pay heavier fee for choosing doctors outside your network. A POS plan is actually a combination of HMO and PPO, where you need to choose a primary care physician within the network and you need referral to choose doctors outside the network.
- Switch plan if you cannot make adjustments - Your needs may change from time to time. For example, all plans are required to cover children up to the age of 26, though certain plans exclude the children if they're insured through their employer. So, if required, switch your insurer to get the required health coverage.
- Identify the changes to your current insurance policy - When your policy is up for renewal, check out whether or not the insurer is omitting certain conditions in your policy. Most importantly, your premium cost may rise due to the increase in healthcare costs. So, compare coverage with cost before re-enrolling into the health plan. Similarly, your new plan might drop prescription coverage that it had covered the previous year.
- Compare the coverage with the cost of the plan - When you search for a suitable health insurance policy, always compare the cost with the coverage. An insurer might offer the policy at a lower cost but may lower the coverage whereas another insurer might offer the required coverage but the premium may be a slightly higher. So, use an online calculator and compare the coverage with the cost of the policy so that you can choose the best one as per your requirement. For example, if you are healthy and young, you can opt for a higher deductible to reduce the premium cost; however, build an emergency fund so that you can afford the right medical treatment in need.
Before you select a different health insurance plan, always check whether or not your favorite doctors are covered under the plan. Or else, you might have to visit another doctor who'll be complete unaware of your health conditions. So, consider all these factors to choose a health insurance plan that is most suitable to you.