3 Useful Tips about Choosing a Health Insurance Plan

For most people it is difficult to choose a health insurance plan that meets medical needs along with financial needs. Balancing how much you pay each month for health insurance with how much health care you or your family will need during the year is key. Here are three helpful tips provided by HeathCare.gov that will make picking a health insurance plan easier and less stressful.

1. There are four “metal” categories of insurance plans.

The four types of health plans are placed into categories of bronze, silver, gold, and platinum. Metal categories are based on how you and your plan split the cost of your health care. They have nothing to do with the quality of care.  For example, bronze plans have the lowest monthly premiums but larger out-of-pocket expenses. In contrast, platinum plans have the highest monthly premiums, but much lower out-of-pocket expenses.

2. Think about the total cost of health care.

Paying attention to the costs beyond your monthly premium is important while choosing a reliable insurance plan. Think about your deductible, copayments, coinsurance, and out-of-pocket maximum.

3. Research the different plans and network types.

The Marketplace offers multiple insurance plans available through multiple insurance carriers. Different plans meet different needs. Think about your needs when making a choice. When considering a plan, be sure to check if your health care providers are within its network. Do you take prescription medication regularly? It might be important to think about the structure of payment for prescriptions. Do you see a chiropractor? Make sure chiropractic care is included.

Choosing a health insurance plan can be complicated, but with these three tips it doesn’t have to be!