Opting for the right health insurance plan is crucial as this will help you get the best treatment for yourself, your entire family as well as your four-legged family members. However, deciding which health insurance to choose isn’t an easy task! There are tons of insurance companies in every city these days that provide high-quality insurance plans. Nearly half of all employers with 250 or more employees offer more than one policy, all with different copayments, benefits, premiums and deductibles. But how do you go ahead and pick the right insurer? Here are a few things to keep in mind when selecting the best health insurance plans for your family –
Look at Out-Of-Pocket Costs
Focusing on the monthly premium is one thing, but keeping track of the deductible, copayments and co-insurance is also a key factor. These three elements are your maximum expenses. Under the Affordable Care Act, the maximum reimbursable expenses are $7,150 for a single person and $14,300 for a family policy.
Consider Your Life Stage
Let’s assume the next coming years turn out to be just like the past five. You go for regular medical checkups two to three times. Your partner is as healthy a horse (as long as he/she swallows his cholesterol pill every day). And your kids, well, let’s just say they have an average of one cast and 15 stitches a year. And therefore, choosing an appropriate insurance plan tailored to your individual needs is crucial.
While taking cheap health insurance plans, it is essential to consider your health, age and financial situation. Selecting a policy with a lower deductible and copayments is recommended if you’re suffering from one or more health problems that require ongoing care (such as heart disease or diabetes) or expecting a baby. Of course, you’ll be paying a higher premium, but your overall out-of-pocket costs may be lower. The insurance agent can help you make a better decision with your health insurance based on all of this information.
Number of Family Members
Are you taking health insurance or term insurance that covers all your family members? Along with the number of family members, their life stages matter too. The cover amount needs to be able to support everyone’s lifestyle and spending capacity in case of any unfortunate incident where the insurance will be used.
Check the Drug List
All insurance plans generally provide a detailed medication list and copayment covered. So, be sure to buy an insurance plan that offers a prescription drug benefit high enough to cover all your needs. If your drug isn’t on the list of medications covered, you may have to pay 100% of the cost. It is also an excellent idea to check whether your insurance plan includes a mail-in prescription option; it can save you some bucks on your regular prescriptions.
The benefit should typically cover at least $1,000 per year. With only a few prescriptions, you can easily reach this amount, especially if your doctor prescribes a medicine with no generic substitutes.
Go Over the List of Benefits
Usually, all individual and small business plans should cover prescription drugs, hospitalization, emergency services, mental health and addiction treatment, preventative services and rehabilitation services, maternity and newborn care, pediatric services (including vision and dental care), laboratory tests and out-patient care. However, the specifications of the plans available through your employer may vary, so make sure to read the plan’s Evidence of Coverage.
Also, don’t forget to double-check your prescription coverage each year when re-enrolling in your insurance plan. Many insurance brokers tend to amend their policies and drug coverage frequently. So, it is wise to look for another insurance provider if your daily medications are abruptly withdrawn from your coverage.
Maximum Age Renewal Option
Although you don’t really use your health insurance when you are young, as you get older, health care costs increase and you will have a greater need for health insurance coverage. So, make sure to check whether your health insurance plan features a more comprehensive renewal option with the best pricing. Opt for lifetime plans with renewability options available beyond age 65 – it will pay off in the long run for you and your family.
Choose the Right Insurer Too
While you’re reviewing all these policies and benefits, it’s also wise to choose the right insurer. Look for insurance companies with higher stakes settlement rates (so you don’t have to fight over your claims). Are you looking for a trusted insurance agent or an insurance quote in Florida? Get in touch with BREVARD INSURANCE & MARKETING – they are experts in the protection of your possessions and those of your family.
When shopping for the best insurance policy, you’ll surely be spoilt for choice. Therefore, if you want to pick the crème de la crème, simply do your homework! Hopefully, these smart tips can help simplify your selection process.