Choosing the Best Health Insurance for Your Family

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In today’s world, there is a lot of talk about what health insurance should or not be, should or should not cost. But, politics aside, it is important you choose the best health insurance plan for you and your family. When making your choice, understand that there is a lot to consider before making the final decision on health insurance.

Health Plan Resources

Finding the best resource to understand which health insurance companies are the best for your budget and your family’s general health needs. You can start with your employees and see what is available for you. You can also investigate your state’s local health insurance marketplace. As you begin your search, consider that this could take a while: it is about your health.

Types of Plans

There are four general types of health insurance on the market. Look through these types before looking at individual plans further down. HMO stands for health maintenance organization, which means that you must stay inside your network unless it is an emergency. Exclusive provider organizations, or EPOs, are much the same way.

Under a PPO, which is a preferred provider organization, you are not obligated to stay within the network but anything in-network is less expensive. If you need something that helps connect you with tests and specialists better suited to your health, Point of Service Plans is preferable.

Comparison Shopping

As you compare various health insurance plans, look at the limitations of the coverage you’d receive: how much of your expenses do you want to be covered under this insurance plan? A good plan will provide no lifetime benefit maximum, and this is a great option for something long-term, such as cancer or a chronic condition such as diabetes. If this is not an option, look for the plan with the highest available maximum to fit your budget. Also, consider coinsurance: what you pay after insurance pays for what it can. The most common ratio is 80/20.

Consider out-of-pocket expenses. Look at an insurance plan’s annual deductible, and out-of-pocket costs such as co-payments for office visits or prescriptions for fees. For some plans, these fees do not count toward your yearly deductible. If you rarely see a doctor, you can choose a health insurance plan with higher out-of-pocket costs and lower monthly premiums. For families that anticipate upcoming surgeries, frequent doctors’ visits or pricey medications, choose a higher monthly premium with lower out-of-pocket costs.

Budgeting

Remember, the best policy will not always fit into your budget; in fact, better plans are typically more expensive. If you have a child that needs speech or physical therapy, or a spouse that needs diabetic supplies or various life-saving medications, you will want to consider taking on a better plan and adjusting your budget around it. It all boils down to what your family needs to stay healthy and happy. Place your family’s medical needs under scrutiny as you are picking through each plan.

When it comes to choosing the best health plan for your family, it is much more than shopping or browsing. There is much to consider, and you especially want to investigate what your family needs and what you can afford in the long-term.