Thursday, July 11, 2013

How to Find the Best Health Insurance Plan

Choosing the proper health insurance plan has become a huge decision for many families. There used to be limited types of service, but since then we’ve been surrounded by numerous choices. 

Trying to find the best plan for you and your family is enough to make you diagnose yourself and avoid hospital care at all costs. Today, you need to know all of the options that are available to you, what each of the options offers you and of course, whether you can afford it or not. 

In this article we will examine the factors you should consider when selecting the best health insurance plan for your family as well as the Medigap policy plans that many struggle with. 

For starters, let’s search for and compare hospitals in your area. This step can help give you a solid baseline for selecting your health insurance plan based on the difference in cost associated with not owning a plan. 



Compare Available Plans Keep in mind that there is no one-size fits-all health insurance coverage for you. To find the coverage you need, and to avoid the costs of paying for what you don’t, there are several questions and factors you must consider before signing the dotted line. 

It is your responsibility to thoroughly understand the plan you have selected and follow its guidelines. There is a variety of plans available and it is sometimes hard to begin to understand each of them. To start, let’s take a look at a comparison tool that helps you search for and compare health insurance plans available to you and your family.




What to Consider When Selecting a Plan 


1. Budget verse Need 


     a. Your Needs.

Finding the marriage between your budget and need can be a tough factor to weigh. The needs of an individual in their twenties are far different from the needs of a family of four. Again, these needs are vastly different for baby boomers entering retirement. Because the needs of your family will vary based on the age and health of each individual, you must identify the coverage you need and assess whether you can afford it. 

     b. Your Budget. 

It is important to look at both what you need and what your bank account will afford you. For those operating under a low financial ceiling, it is important to pay close attention to where your health care dollars are going. You should consider the following questions: How often do you visit the doctor? How high of a monthly premium can you afford? Will you be able to meet your deductible in order to qualify for full coverage? 

2. Identify the must-haves 


It is relatively impossible to foresee a sudden illness or injury, however some medical costs must be anticipated. For example, an obvious cost if you’re starting a family is maternity coverage. Not all policies offer maternity coverage therefore it is important to understand and breakdown each of your policy options. If your family has a history of heart disease, it may make sense to select a plan that covers the cost of cardiac screening tests and cholesterol-lowering drugs. 

3. Medicare Supplement verse Health Insurance 


It is important to know what a Medigap policy is. A Medigap policy is health insurance that fills the gaps in your original Medicare coverage by helping you pay for coinsurance, copayments, and deductibles for Medicare-covered services. There are also Medigap policies that will cover benefits that Original Medicare does not cover. If you simply need to fill the “holes” in your current coverage plan, you should consider choosing a Medicare Supplement Plan. See the resource below if this applies to you:




4. Don’t Overbuy 


Would think about buying a luxury car with a monthly payment as big as your mortgage? There’s not much point in making a purchase that your budget simply cannot handle. If you’re young and healthy, you should consider choosing a policy with a high deductible. A deductible starting at $1000 is likely to cost you less per month, allowing you to save money in the long run. 

5. Health Care Reform and Affordable Care Act 


There are many reforms and bills that are currently being discussed in the healthcare industry. These discussions have the potential to broaden the population that receives health care coverage through insurance as well as expand the amount of health care providers consumers may choose from. 

These reforms with improve the access to health care specialists, improve the quality of care, and help decrease the cost of health care for citizens. It is important to update yourself with the latest news as it will help your search in choosing the best insurance plan possible. 

Verdict 

When deciding on what health insurance plan to buy, it is important to assess all the factors listed above. It can be a very stressful process and it is important that you know exactly what you were paying in your old plan, what you actually need, and if it is worth your while to seek out a Medigap policy. 

Depending on your age, health, family history, and size of family, your decision will more than likely be different. The tools provided in this article and the factors outlined for you will help simplify your search for a health insurance plan and allow you to find and compare the best insurance policies that fit your needs.



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