When it comes to Health Insurance, I think we have all known someone who was confused and frustrated and decided to “just pick something” and hope it works out. The world of health insurance lends itself to this, but it doesn’t have to. Here are some basic rules to help you get started when choosing the right health insurance plan:
- Make a list of your doctors
- Make a list of your prescriptions
- Make a list of the services you cannot live without (maternity, Rx, etc)
- Does everyone that will be on your health plan need the same services (does one person need Rx, while another does not?) Most of us do not realize that we do not need to insure everyone on the same health plan.
- Check the health plan’s doctor network to make sure your doctors are in network/out of network.
- Check the health plan’s pharmacy formulary to confirm if your Rx is listed for coverage and what pharmacies or mail order can you use.
- Check the health plan’s deductible – keep in mind if it is an individual or family deductible. Will the deductible be higher depending on where your receive the care (in network/out of network).
- Check the health plan’s maximium co-insurance – keep in mind if it is an individual or family c0-insurance maximum. Will the co-insurance amount be higher depending on where you receive the care (in network/out of network)
- Check the health plan’s co-payments and how many doctor visits are covered before you have to satisfy the deductible.
- Discuss with the health plan if you will have a pre-existing wait period applied to any health conditions you have when switching plans and/or health insurance carriers.
- Read the health plan limitations and exclusions.
Remember health insurance is not designed to cover everything and this is a basic list to help you get started in the process of choosing a plan. We recommend you call an agent – there are plenty of good ones out there waiting to help you.