How to Choose Health Insurance: 7 Factors to Consider

Make sure you’re properly covered.

It’s no secret medical services can make a dent in anyone’s budgets. This can sway people from seeking medical attention when they are sick or injured.

Relieve the anxiety around seeking medical attention by investing in an insurance plan you can trust. Finding the best health insurance can be a daunting task, but we are here to help!

Below are 7 factors to consider when learning how to choose health insurance. Make sure to keep reading.

1. The Premiums

Always look at the premium. This will tell you how much you’ll be paying monthly to be covered by different insurance plans. Premiums are crucial when learning how to pick health insurance.

For anyone with a tight budget, it can be tempting to automatically choose the plan with the lowest premium. This can become a problem because typically lower premiums mean a more restricted network or increased deductibles.

In order to get a better insurance plan, you might have to budget a little more tightly in other areas of your life.

2. The Network

If you already have a personal list of trusted providers, make sure to choose a health insurance plan whose network includes your providers.

You could pay directly out of your pocket for doctor visits to your favorite doctor, but why would you do that? Don’t be afraid to call your local doctor’s office to see if they accept the insurance plans you’re considering.

Are you looking for a new trusted doctor? Look at the providers covered in the network you’re considering. Read all reviews, and ask your friends for any references.

3. The Prescriptions Covered in the Plan

Are you routinely taking certain prescriptions? Make sure whatever you’re taking is covered by your new insurance plan. Most prescriptions require some out-of-pocket money, but if you do it right, it may only be a couple of bucks.

When learning how to choose a health insurance plan, remember there are tiers involved in the covered prescriptions. Generic medicines have much lower pay than bigger brand name prescriptions.

If you feel like you’re paying too much for a prescription, ask your pharmacist and doctor about any generic brand options. You could be missing out on some savings.

4. The Deductible

Not only do you need to look at the premium, but you also need to consider the deductible.

A deductible is what you’ll personally be paying before your insurance steps in to help. Your deductible is typically lower when your premium is higher and vice versa.

Are you a healthy, young adult? You can probably get away with paying a lower premium and having a higher deductible because you won’t be using your insurance much.

Do you have pre-existing health conditions or experience constant injuries? You’ll probably want to invest in a plan with a low deductible. This way, you won’t be paying too much out of your own bank account when visiting the doctor.

5. The Additional Coverage

You don’t have to use health insurance for just doctor visits. Many health insurance plans also cover female preventive services and mental health counseling.

Remember your mental health is just as important as your physical health. If you frequently see a therapist, make sure your therapist is in whichever network you’re considering.

Some insurance plans also come with fun incentives like gym membership discounts and free telehealth sessions. Telehealth is important in current times! You don’t have to leave your house to receive medical care.

Don’t be afraid to ask for the most out of your insurance plan. You also shouldn’t be afraid to seek answers to any health insurance questions you may have.

6. The Copay

Copay is paid on top of your monthly premium. You typically pay a copay at the front desk of your doctor’s office.

If you pay a higher premium, you’ll pay a lower copay. Do note that copays differ based on the care you’re receiving. A copay at an emergency clinic is typically much higher than one at your general physician.

Just like deductibles, if you rarely visit medical clinics, you may be able to get away with paying higher copays and lower premiums. Invest in low copay rates if you’re routinely at the doctor.

7. An HSA

An HSA is a health savings account. You put money into here and there and then use the savings on medical expenses.

Not every insurance plan allows users to invest in an HSA so if it’s important to you, make sure you look into the possibilities. Even if you’re young and healthy, an HSA is worth it in the case of any random injuries or sicknesses.

Health Insurance Alternatives

If you aren’t able to invest in health insurance right now, look into some health insurance alternatives. While you won’t receive the same benefits, you’ll still feel a little safer with them.

Some medical offices offer memberships, kind of like a gym membership. Search medical concierge services near you. You’ll simply pay a flat fee each month and receive basic care.

Note that memberships don’t cover major procedures.

Do you operate primarily with cash? Look into medical discount cards. Different discount cards cover different likes prescriptions, doctor visits, and hospital visits. You may be required to pay a monthly fee to have access to these discount cards.

No matter what you choose in terms of health insurance, never be afraid to ask questions. You can do internet searches, speak with customer representatives of different insurance companies, or chat with your physician. It’s better to ask plenty of questions than to end up with something you’re unhappy with.

Consider the Above Factors When Learning How to Choose Health Insurance

Learning how to choose health insurance is a daunting task for anyone. There are a large number of things to consider, but we think the above factors are the most important. Review them for extra help on your insurance coverage search.

Pay attention to things like your premium and deductible. Explore extra benefits and incentives different plans offer. Never be afraid to ask questions if you have them.

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