Factors to Consider when Purchasing a Health Insurance Plan

Looking to buy a health insurance plan but unsure about where to start? We’re here to help! Here’s a look at some important things people need to consider when purchasing a health insurance plan.

Deductible

This is the amount one pays before their health insurance plan covers the cost of medical services. If one is likely to have a lot of medical care expenses or surgeries, it is wise to opt for a lower deductible, so the out-of-pocket expenses remain low.

Network

The hospitals, labs, and healthcare providers that are part of the insurance company’s network usually provide lower rates. Some plans may only cover healthcare expenses if the medical care is provided by an in-network hospital or physician. So, before purchasing a health insurance plan, people should check if the doctors they intend to visit are part of the plan’s network to avoid extra costs.

Prescriptions

Different health insurance plans have different coinsurance or copays for covered prescriptions. It’s important to review these charges to understand how one’s prescriptions will be covered.

Value-Added Benefits

These are additional things that one’s health insurance plan may provide, like access to certain mobile apps, discounts, etc. While one should not choose a plan solely for the additional benefits it offers, these are perks that can help in the long run.

Things to Consider when Choosing a Health Insurance Plan

Frequency of Medical Care

Keep in mind that many medical expenses are covered by the insured individual until the deductible is reached. If one anticipates a lot of healthcare expenses, it is best to opt for a plan with a lower deductible. That said, keep in mind that low-deductible plans usually have a higher premium.

Planned Surgeries

Surgeries can amount to a lot, and that is something one needs to consider when choosing a plan.

Healthcare Provider

If one regularly visits a certain doctor or hospital, make sure that the healthcare provider is part of the insurance company’s network.

Prescription Drugs

Check the health insurance plan’s prescription drug list for the drugs one takes often.

Other Benefits

Other things to consider include a 24/7 customer service team, ease of using the health insurance company’s website and mobile app, discount programs, etc.