Healthcare continues to be a major expense for most families. Having proper health insurance coverage is the surest way to reduce medical costs to more manageable levels. Being informed about plan details and expenses will help ensure that the selection you make is the best choice for you and your family. Below is some key information on how to compare health insurance plans that will help you sort through choices in a quicker, more efficient manner.
Familiarize Yourself with Insurance Terms
When comparing affordable health insurance plans, it’s easy to be attracted to a low premium. But a low premium often means a higher deductible. Before choosing a health insurance plan, it’s important to understand terms like deductible, copay, coinsurance, and out-of-pocket limit. Being familiar with these terms will help you better evaluate your out-of-pocket expenses. Should you settle on a plan that has large out-of-pocket costs, additional insurance products like supplemental insurance can be purchased to help you manage these expenses.
Familiarize Yourself with Plan Type and Categories
There are four categories of health insurance plans: bronze, silver, gold, and platinum. The level of care is identical regardless of which category you choose, but the cost sharing is different. Platinum plans pay the greatest amount of healthcare costs, while bronze plans pay the least. Additionally, there are network types like HMO, PPO, POS, and HDHP for example. Each plan type differs in relation to the freedom you have when picking your own healthcare providers.
Use a Source with the Widest Array of Options
Understanding how to compare health insurance plans is a good first step, but it is equally important to work with the right insurance agency. You want the largest amount of choices available to you. Choosing an experienced agency with a broad portfolio and comprehensive quoting tool could mean the difference between getting insurance, and getting great insurance! Whether you seek to renew an existing plan, or are comparing affordable health insurance plans for the first time, it is important to carefully review all your options. New or different insurance plans may be available in your area that weren’t available before.
HealthMarkets understands how to compare health insurance plans and works with over 180 different insurance companies nationwide! We provide a customer-friendly online shopping experience and have thousands of licensed agents in communities all around the country. HealthMarkets can help you check to see if you qualify for subsidies or even cost-sharing reductions. Our help is 100% free and comes backed with our best price guarantee*.