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Choosing Healthcare

Tips for choosing the right health care plan

With health insurance premium on the rise, it is vital to spend time to understand the options available to you in order to get the maximum coverage at the lowest price possible. If you are no longer under the employee sponsored health care plan or are looking for a new health care plan, the following tips will help you choose the right health care plan.

· Research and shop around

There are numerous resources available on the internet when it comes to choosing a health care plan. Therefore, before you take the plunge, do an extensive research on every plan that you may be interested in.

· The more the young children the more the doctor visits

According to statistics, the number of hospital and doctor visits depends on the number of children you have. This means if you have young children, consider a plan with more coverage.

· Read the brochures or health care plans your company sends

Most insurance company make amendments to their plans each year. Taking no action means you continue with the current plan which may have increased premiums or other changes that can adversely impact you. Therefore, make a point to always read through the annual open enrolment brochures and make any necessary changes before the closure of open enrolment.

· Do not buy too much insurance

Most company sponsored health care plans offer a certain level of free life insurance as well as accidental death and personal loss insurance. This is expressed as a multiple of your salary. But if you are young, energetic and health with no dependents, the free insurance will be sufficient. Conversely, if you have many dependents and have had health complications, it will be a good idea to get the maximum accident and life insurance you can get at the discounted rates.

· Know the participation status of your doctor

If you have a choice of health care plan, be sure to confirm if your doctor participates in the plan of choice to ensure that your visits are covered.

The more informed you are about health care plans, the more equipped you will be when making decision for yourself and family.”

 



Healthcare

Healthcare Comparison

We know that for many, wading through explanations of health insurance network plans to pick the right one for you can be daunting.

We will walk you through the various types of plans ‒ HMO, PPO, POS, and EPO, but before we do that, we need to go through some terms.

Here are few terms you need to know:

Premium:

This is the amount you will pay each month to be covered by your chosen insurance plan.

Deductible:

Many plans require you to pay an amount of the cost of service before insurance pays the remainder. The amount you must pay is the deductible.

Copay/co-insurance:

Copay is the basic fee you pay for each incident of care, such as a $20 fee for each visit to a doctor’s office. Co-insurance is a percentage of the total charges you pay for a medical cost; for example, you may be required to pay 20% of the total costs of a doctor’s

HMO ‒

A Health Maintenance Organization allows you to see any doctor in the plan’s network or list of doctors. If your primary care doctor refers you to a specialist, that care covered. If you need emergency care at a facility not in your network, the facility must charge you what your plan would charge for similar care. However, doctors at that out-of-network facility may bill.] you.

A benefit to this plan is that you have little or no paperwork.

PPO ‒

Under a Preferred Provider Organization you get some ability to choose your doctors and you do not need a referral to see a specialist. If you choose a doctor outside the network, you may have to pay a balance after insurance. There is little or no paperwork if you see a network doctor.

POS ‒

A Point of Service plan combines features of the two above plans, but gives more choice for you to select providers. You can see your doctor and any referred doctors. If you see a doctor out of the plan, you must pay the bill and then fill paperwork for reimbursement.

EPO ‒

Under an Exclusive Provider Organization you have some freedom to choose your health care providers and you do not need referral for a specialist. If you seek treatment outside of your network list, you must pay full cost. There is little or no paperwork.



Choosing Health Insurance? What You Should Know:

There are many complications when choosing a health insurance plan. Here are three comparison tools to help you out.

-Four General Categories of Plans: Bronze, Silver, Gold, and Platinum. These categories show how you and your plan share costs. Plan categories have nothing to do with quality of care.

-Your total costs for health care: You pay a monthly bill to your insurance company (a “premium”), even if you don’t use medical services that month. You pay out-of-pocket costs, including a deductible, when you get care. It’s important to think about both kinds of costs when shopping for a plan.

-Plan and network types: HMO, PPO, POS, and EPO: Some plan types allow you to use almost any doctor or health care facility. Others limit your choices or charge you more if you use providers outside their network.

*This Content was referenced from a reliable government website.**

Although this content was referenced, it serves as a good purpose for topics to look forward to on this site. This site aims to give you an edge on figuring out the best healthcare insurance option for you. Affordability always plays a key role in making the decision of choosing health insurance. So, stay tuned to learn more there are special things coming.



Healthcare Insurance Comparisons

How does one compare healthcare insurance companies?

To summarize, not easily. Unfortunately, a lot goes into making a decision on which healthcare insurance provider is right for you. As much as we would like it to be, it is not one size fits all.  A few tips and factors to consider:

 

-Monthly Premiums

Always ask insurance provider if you are eligible to get discounts for paying early.

-Deductibles

Decide if your insurance company has a low deductivle plan or high deductible plan. You may have to research this further on your own.

-Maximum Out-of-Pocket

Find out the maximum amount you would be required to pay out of pocket. Typically, these are larger than the deductible




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