As mothers looking for the ideal insurance plan for our families, I have found it rather difficult to evaluate and plan in the health insurance world. I cannot imagine having one of my kids seriously ill or sick and be worried about my insurance plan. After spending a frustratingly large amount of time researching insurance plans, I decided to create this guide to help others out.
Determine How Much You’re Willing To Spend.
The first thing you should do when deciding on an insurance plan for your family is to determine how much money you have to spend. Having a dollar amount in mind will preclude you from paying too much and then finding yourself in a financial hard place.
Consider Your Provider Options.
The majority of people receive health insurance through an employer. If this is not the case for you, you’ll need to make use of the marketplace. In the event that your employer provides health insurance but you want to use an alternative plan, you can do so. However, know that the marketplace plans tend to be more expensive. The majority of employers that offer insurance will cover a portion of the workers’ premiums. This means that going with your employer is generally the least costly choice.
If your employer doesn’t offer health insurance benefits, you’ll want to start shopping for your family’s insurance through the Affordable Care Act marketplace. You can access the website through HealthCare.gov. You’ll need to enter your zip code to attain plans for your state. If your state is not green on the map found on the website, you’ll be using the federal marketplace.
Compare Health Plan Types.
Your next course of action will be to compare the different health plan types listed on the website. The four most common types of plans include
- Health Maintenance Organization (HMOs)
- Preferred Provider Organization (PPOs)
- Exclusive Provider Organization (EPOs)
- Point of Service plans (POS plans)
Some of the factors you should consider as you examine the plans include:
- Plan category: There are five marketplace insurance plan categories. They include bronze, silver, gold, platinum, and catastrophic.
- Monthly premiums: This will be the amount you pay the insurance company for the plan. This premium will exist whether you actually make use of medical services or not.
- Out of pocket fees: You need to know how much you’ll be required to pay out of pocket when you receive insurance care. You will be paying this cost as well as the monthly premium charged by the provider.
- Benefits: Each plan offered via Marketplace will come with free preventive services, cover your pre-existing conditions, and offer essential health benefits.
As you consider the different plan options, think about other insurance choices that you and your family might be in need of. For example, does the provider offer divorce insurance? Will the provider cover the costs of annual dental appointments?
Decide Whether You Should Pay Higher Monthly Premiums.
As mentioned earlier, the premium is a factor you should consider when selecting an insurance plan. Although you may want to avoid going with a provider that charges higher monthly premiums, doing so can be advantageous in some cases. Specifically, you may want to select a plan that will pay a larger part of your medical costs, yet requires higher monthly premiums if:
- You and your family see a physician regularly.
- You or your family members are in frequent need of emergency care.
- You take brand-name or expensive prescription medication regularly.
- You plan to have a baby, are expecting a baby, or have small children.
- You or a family member has a surgery coming up.
- You or a family member was recently diagnosed with a chronic condition like cancer or diabetes.
On the other hand, a plan that incorporates a larger out of pocket fee with lower premiums might be the most prudent decision if:
- You cannot afford a higher premium for the plan that offers lower out of pocket fees.
- You and your family members are in good health and seldom require medical care.
Don’t Delay: Find The Ideal Insurance Plan Today!
If you’re serious about finding the best insurance plan for your family, now is the time to start looking. You can use the simple steps and strategies outlined above to ensure that you locate the perfect provider!