Q: How do I pick a Health Care Plan?
A: Choosing a Health Plan Step by Step
For many finding health insurance plan may seem like a tall order. The first step is outlining your needs across three major categories: cost, coverage and quality.
Determine the Cost
Don't just settle for the most affordable plan based on price alone. The trick is to find the most cost-efficient plan for your specific needs.
- Gauge your general health helps you find the best balance between premium and deductible. For instance, if you are young and healthy with few medical needs, you may consider a policy with a higher deductible and lower monthly payments.
- If you have specific health-care needs - such as preventative programs or specialized care - look for plans that financially accommodate those needs.
- As you evaluate different plans with different deductibles, consider how much cash you typically have on hand. Make sure this amount is enough to cover the deductible - plus potential out-of-pocket expenses - in the event of an emergency.
Understand the Coverage Options
Prioritize your health care requirements, and rule out any plan with major shortcomings in coverage for those high-priority needs.
- If you must go to a specific doctors or hospitals, find out which network they are covered under and consider your options from there. Or choose a plan that permits you to use an out-of-network provider.
- A flexible plan may cost more - but may be worth it if you rely on specialized coverage.
- Compare plans based on conditions you know you'll need coverage for - like prescriptions, future pregnancies or chronic illnesses.
Check the Quality of the Plan
Once you've gauged your cost and coverage needs, some quick quality-assurance checks can help you hone in even further.
- Consult independent and non-government organizations - such as the National Committee for Quality Assurance - to obtain a ratings report for a particular health care plan.
- Find out from your state insurance department what the "disenrollment rate" is for a particular insurance plan.
Ask how many patient complaints were filed against the plan you're considering, and how many of those were upheld by state regulatory agencies.
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