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Health

How To Choose The Right Health Insurance For Yourself?

3 Mins read

Today health insurance is not just a choice but a need. Healthcare prices are increasing day by day, and it is becoming difficult to afford better healthcare, especially if you have an acute disease because the basic health insurance provided by the government won’t cover it.

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This is where private or third-party health insurance plans come in handy. Health insurance plans offer everything from basic to advance healthcare coverage, affordable premiums and deductibles, and quality plans that provide coverage for all medical ailments.

So let’s discuss the criteria for choosing the right health insurance plan for you, but before we do that, it is important to understand about different health insurance plans available in the market.

Types of Health Insurance Plans

Let’s check various types of health insurance plans available in the market that you can pick from.

  • Preferred Provider Organization (PPO)

First in our list is the Preferred Provider Organization (PPO) health insurance plan. With a PPO, you can use a network of preferred doctors. These doctors will offer services at a discounted rate. In some cases, your insurance provided will take care of all the charges.

  • Health Maintenance Organization (HMO) HealthInsurance Plans

Next, we have the Health Maintenance Organization (HMO) health-insurance plan. With an HMO plan, you will have to add more amount from out-of-pocket, but you will be able to choose a physician or a hospital of your choice. HMO plans are comparatively cheaper and offer basic health coverage. 

  • Point of Service (POS) Health Insurance Plans

Then we have the Point of Service (POS) health-insurance plan. In a POS plan, you combine features of an HMO and PPO. You will pay a minimum amount from your own pocket, and you will be able to select a doctor and a hospital of your choice from the network. 

  • Exclusive Provider Organization (EPOs) Health Insurance Plans

An Exclusive Provider Organization (EPO) group health-insurance policy is very much like the HMO plan that we have discussed above. You can choose a physician and a hospital for your healthcare needs. In EPO, you have to add a co-pay after the deductible amount is fully paid.

Tips for Choosing the Right Health Insurance Plan

Whichever plan you choose, it is important to do a complete comparison and then decide about each plan. Here are a few recommendations to get you started.

  1. Compare Health Plan Networks

Compare the health plan networks offered by each health-insurance provider and choose the best according to your needs. For example, if you have underlying heart disease, look for a health plan network that includes the best heart surgeons in the area. It is important because you never know when that condition can become severe.

So, connect with a reliable health service like Cigna health insurance.  All such Providers will offer you the convenience to look into your health requirements and periodic checkups with ease.

  1. Compare Surgeons Listed In Each Plan

If you choose the wrong health plan network, you will not be able to get treatment from the best surgeons. Since you are paying for your insurance, it is your right to get the best treatment possible.

You should also know that if you select a healthcare network, and you go to a physician outside the network, your insurance policy won’t kick-in. You can even contact your shortlisted insurance policy and ask them what doctors they have available on the panel. This would allow you to make a fair judgment about each plan.

  1. Don’t Ignore the Out-of-pocket costs

Let’s not ignore the out-of-pocket costs that you will have to pay in terms of deductibles, co-payments, and co-insurance over your original insurance plan. If your plan has lower premiums, your deductible amount (out-of-pocket) amount will be higher and vice versa. 

  1. Read the Fine Print

If the out-of-pocket costs are not mentioned on the front page, read the provisions of the policy to understand how and when the insurance policy will start.

In most insurance policies, you can select a minimum insurance policy limit (the amount at which it kicks-in). 

Let’s say you pay $500 as deductibles from your pocket. Now your insurance policy will start, and you and the insurance policy will bear half of the amount. When you reach $2,000, the maximum out-of-pocket amount, your insurance company will take care of the rest of the amount, and you won’t have to pay anything else from your own pocket for the rest of the year.

Bottom-line

Choosing the right health-insurance plan is as important as choosing your career. It helps you in emergency situations. If you don’t choose the right insurance plan, it can cost you almost a fortune during medical problems. 

So, select a proper health insurance plan that suits your needs. Compare it with other plans and get help from health insurance experts to make an informed decision.