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How to Select the Right Health Insurance Plan

November 5, 2014

Choosing deductibles, co-insurance ratios, and provider network

 

Whether you will choose health insurance from an employer-sponsored group plan

or purchase an Individual/Family plan, it’s important to select the right plan for you.

 

Don’t purchase health insurance based on premiums alone
Deductibles, co-insurance ratios, the size and expertise of the medical provider network (hospitals, physicians), and your unique personal family situation should be equally considered.

 

Find the right balance of deductibles, co-insurance ratios, and provider network

  • A low premium plan will have higher deductibles and co-insurance ratios

  • A low premium plan will usually have a more narrow provider network

  • A high premium plan will have lower deductibles and co-insurance ratios

  • A high premium plan will have a wider provider network

  • A plan from the ACA marketplace may qualify someone for subsidized premiums based on income and household size.

 

For more choices in doctors and hospitals, choose a high premium plan.

 

To save money if you want to hedge against using your health insurance, choose a low premium plan.

 

Remember...

Purchasing health insurance is 2015 is the law. Read more about ACA penalties and deadlines.

 

Click here for a FREE quote on individual/family health insurance plans.

 

Seek professional advice to identify the right healthcare options for you before making a final decision.

 

 

 

 

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