Time may seem limited when it comes to choosing the best health insurance plan for your family, but rushing to pick the wrong one can be a costly mistake. Here’s a guide to choosing the best health insurance plan for you and your family.
Step 1: Check if You Can Get Employer-Sponsored Insurance
Most of the time, people who have health insurance get it via their employer. If you already have insurance from your job, you won’t need to use government insurance exchanges or marketplaces. If your employer offers health insurance but you wish to search for an alternative plan, you can. Keep in mind that plans in the marketplace are more likely to cost a lot.
This is because the employer-sponsored plans have lower total premiums on average due to employers paying a portion of workers’ insurance premiums. If your employer doesn’t provide health insurance, you could shop at your state’s public marketplace. You can find the lowest premiums in the Federal marketplace.
Start by going to HealthCare.gov during open enrollment. After this, you’ll be sent to your state’s exchange, otherwise, you can use the federal marketplace. Health insurance can also be purchased through a private exchange or directly from an insurer.
Step 2: Compare Types of Health Insurance Plans
The most common types of health insurance policies are PPOs, HMOs, EPOs, or POS plans. The kind of health insurance you choose will help determine your out-of-pocket costs and which doctors you could see.
While comparing health insurance plans, look for a summary of benefits. Online marketplaces provide a link to the summary and show the cost near the insurance plan’s title. You could also find a provider directory that lists the doctors and clinics that participate in the plan’s network. If you’re going through an employer, you should ask them for a summary of benefits.
Step 3: Compare Benefits & Purchase Insurance
By now, you’ll have your options narrowed down to just a few. Check out the summary of benefits to see if any of the insurance plans cover a wider scope of services. Some might have better coverage for things like fertility treatments, physical therapy, or mental health care, while others might have better emergency coverage.
If you skip this step, you could miss out on an insurance plan that’s much better suited to you and your family. After this step, you’re ready to purchase your insurance.