Learn Plan Types
Make no mistake about it. Health insurance can be confusing. But the more you know and understand, the more empowered you become as a shopper. It’s important to educate yourself on a few basics, like the different types of health plans. There are HMOs, PPOs, HDHPs and POSs to name a few. But let’s stay focused on the first two as they are more common.
HMOs are a popular choice because they are usually a little less expensive. Premiums and out-of-pocket expenses are often lower than other plan types. This is because insurance companies negotiate discounted rates with particular healthcare providers (creating a limited network of providers). HMOs require you to select and coordinate your care through what’s known as a PCP, or primary care physician.
With a PPO, you still have a network of providers, but you have the freedom to see whatever healthcare provider you see fit. The tradeoff for that luxury is higher premiums and less coverage when you do venture outside the network.
Compare Out-Of-Pocket Expenses
When comparing health quotes, pay close attention to out-of-pocket costs. Terms like deductibles, copays, coinsurance, and out-of-pocket limits are all key factors in determining a policy’s worth.
A deductible is what you must first pay out of your pocket before your health plan will start paying for services. A copay, or copayment, is a set amount you pay when visiting a healthcare provider or purchasing a prescription. Coinsurance is the percentage of a medical expense you’re expected to pay. Copays and coinsurance may still be required after your deductible has been met. It all depends on your plan. Finally, an out-of-pocket limit refers to an annual cap placed on the overall dollars you may be required to contribute toward your healthcare in one year. Comparing health insurance plans will become much easier once you master these terms.
Consider Your Health Needs
When comparing health quotes, you need to be aware of your personal health needs. After all, finding a good fit is about making selections that best suit your unique situation.
People who are young, single, and healthy might choose a health plan with lower premiums and a higher deductible. For someone who is more advanced in age or who has already developed health concerns, a plan with a high deductible may not be the wisest choice. You will want to evaluate your comfort level with particular doctors and staying within a defined network. And of course, you will want to know if having more freedom outside of networks or having lower premiums is your ultimate concern.
If all of that seems way to exhausting, enlist the help of a professional. HealthMarkets offers relief in a variety of ways. We have licensed agents who know and understand the health insurance market.
We offer quick and convenient service 24/7 over the phone at (855) 839-8126, or you can utilize our user friendly online shopping experience. We provide help that is free and clear of the influence of insurance companies or the government, since we operate independently. And our service is available to you at absolutely no cost! Accepting help from HealthMarkets could prove to be a much more effective way for you to compare health quotes. Contact us today!