With the Affordable Care Act in full effect for 2014, Americans now have more options when it comes to choosing a health insurance plan than ever before. This makes it critical to comparison shop for the plan that will best accommodate your family’s health care needs. While more choices are always welcome, the process of shopping around can be overwhelming and somewhat confusing, as there is a lot of information to take in and dissect. The following factors are important to consider when in the market for a new comprehensive health insurance plan:
- Under ACA, individuals and families are now able to get group like coverage. Group plans were generally more comprehensive, but now individual plans can be just as good. Before the ACA went into place, group plans offered health care that was less expensive, and was extended to employees with pre-existing health conditions. Now, having a medical condition is no longer an obstacle when purchasing health insurance. While these plans may be less expensive than other plans, it pays to compare the benefits of a group plan to plans you can purchase independently.
- When comparison-shopping, be sure to check the network of providers in each plan. If maintaining the same physician is important to you, be sure to inquire with your physician’s practice to see what insurance plans they accept. Also, check to see if the prescription medications you are currently taking are included on each plan’s approved prescription drug list.
- When considering the costs of each plan, remember that the lowest premium does not equal the cheapest plan. Other costs to the subscriber include the annual deductible, which is the amount you will have to pay out of pocket before your benefits kick in. There are also copayments, which are minimal out of pocket expenses that are due at the time of a doctor’s visit, and lastly, there are coinsurance amounts. Coinsurance is the amount that is usually expressed as a percentage and refers to the remaining balance owed for treatment after the deductible is paid. If the insurance company pays 80% of the balance due, then you will be responsible for the other remaining 20%.
- Identify the benefits you must have. Although we cannot predict injuries or illness, we can look into our family’s history for some indicators. If your family has a history of heart disease or Diabetes, you may want to make sure that testing for these medical conditions, and receiving medications to treat them, are covered in the plan you select. If you want to start planning a family, you will want to make sure that the plan you choose has decent maternity coverage.
- Don’t buy more insurance than you need. If you are young and healthy, it may benefit you to choose a plan with a higher deductible and lower premium, as it could potentially save you money each month.
MHG Insurance Brokers wants our clients to be fully informed before selecting a health care plan. Let MHG Insurance Brokers assist you with the application process, determining your health care needs, clarify any confusing terminology, and introduce you to the most comprehensive plans on the market today that will work with your budget. Visit MHG Insurance Brokers online at mhginsurance.com
, or call and speak with an MHG insurance specialist today at 954-828-1819. Here’s to your good health!