Health insurance is a controversial topic in this day and age due to costs that are rising whether you have your own policy or one purchased through your employer. No matter what type of policy you have, it is smart to spend time shopping for a more affordable option. Thankfully, you do not have to sacrifice on coverage or deductibles with the right understanding. Using these simple tips, you can find the most affordable personal insurance policy for you and your family.
Know All your Options
First and foremost, you need to understand you have many options available. Each option offers its own benefits, so you will need to weigh out your options to determine which is right for you.
An HMO, or health maintenance organization, is probably the most common because it offers all healthcare needs through a network of providers and facilities. Unfortunately, you have the least amount of freedom in choosing doctors with an HMO.
A Preferred Provider Organization is another option to consider if you want more freedom. Also known as a PPO, you will most likely need to pay more out of pocket when seeing doctors outside their main network.
An EPO, or Exclusive Provider Organization, offers lower premiums, which can help with your budget. However, seeing an out of network doctor is not recommended with this plan because it will not be covered, meaning you will need to pay out of pocket.
Lastly, you can choose a Point-of-Service Plan, or POS. This type of plan is basically a combination of an HMO and PPO, allowing you to see doctors of your choosing as long as you are willing to pay a slightly higher cost.
Decide Which Costs You Want to Pay
Again, weighing the pros and cons of each type of plan is essential. If you have doctors you feel are imperative to see, make sure they are included in the plan's network. If not, you will need to decide where to invest the money.
If you are willing to pay more on premium costs, opt for the plan that includes your specific doctor or medical provider. If you are willing to switch to a different doctor, you can choose to save money on these out of network costs and purchase a plan with more affordable premiums.
You also need to determine coverage costs. If you take multiple prescription medications, make sure the plan you choose covers your prescriptions in full or requires you to pay a small co-pay.
Health insurance may be an expense, but it is a worthwhile investment in your family's health, wellness, and peace of mind. These tips will help you get started in finding an affordable plan.