Health Insurance Basics: How Do I Choose the Right Plan?

shopping for health insurance is a big decision but asking the right questions can make it a lot easier when it comes to health coverage everyone has different needs and preferences understanding the features of a health plan can help you pick the right match for you let's start with the kind of plan you want is it important for you to see doctors out of network or without referrals if so you may want to look into PPO plans if it's not a top priority then you may want an HMO you'll pick a primary care physician to

coordinate your care and get a network of providers to choose from trying to save money opt for a plan with a higher deductible that can be used with a health savings account to save tax-free dollars for qualified medical expenses or look for a land with a tiered Network you'll save when you visit certain doctors and hospitals this works best if your providers are already in the lowest cost tier or if you don't mind switching once you figure out a plan type you're halfway there now you just have to figure out the best balance of cost and coverage there are two main types of

cost premium and out-of-pocket your premium is the monthly fee you pay to become a member of a health insurance plan when you need health care your health insurer will pay a portion of your covered healthcare costs and you'll pay the rest that's the out-of-pocket cost this is where the balance comes in think about it this way you pay your premium regardless of whether you use any service but you only pay your out-of-pocket costs when you receive care so if you see a lot of doctors check the plans out-of-pocket costs and make sure it's an amount you're

comfortable with if not consider a plan with a higher premium so that the insurer covers a higher portion of the services you're likely to use find out if your plan has a deductible this is a dollar amount you have to pay for services before your insurer starts to pay a portion of the costs if you reach your deductible and still need more care you and your health insurer will share cost until you reach your out-of-pocket maximum if you reach your out-of-pocket maximum then your health insurer will pay for all of your covered services for the

remainder of the plan year also look into what services apply towards the deductible and whether it covers both medical benefits and prescription drugs most health insurance plans include prescription drug coverage so if you use a lot of medications make sure those drugs are covered also check if the pharmacy you use is in-network and whether the plan has any special provisions like a mandatory generic program and if you need specialty pharmacy drugs look into how your plan covers them don't forget you can save on

prescription drugs by taking advantage of generic drugs and mail order service questions about making your health insurance decision we can help we have licensed agents who are always happy to help you find the best plan for you call 1 888 4 7 5 6 2 0 6 or visit IV XCOM for more information [Music]