How to Choose the Best Health Insurance Plan for Your Family
Choosing the right health insurance plan for your family can feel like a daunting task, with countless options, terms, and factors to consider. However, the right health plan is crucial for ensuring your family has access to the medical care they need.
In this blog, we'll guide you through the key steps in assessing your family's healthcare needs, understanding insurance terminology, and comparing various plan types.
Assessing Your Family's Health Needs
As you prepare to choose the best health insurance plan for your family, the health conditions and medical needs of each of your family members should be taken into consideration. Some important questions to ask include:
Does anyone in my family have chronic medical conditions which require special care?
Are there any long term medications that my family members will need affordable access to?
Does our family’s medical history predispose us for certain illnesses?
These questions can help you establish what kind of care your family needs or may need in the future. Once your family’s healthcare needs are established, it is time to understand the linguistic landscape of healthcare terminology.
Understanding Key Health Insurance Terms
There are several types of health insurance plans, and the complex landscape of health insurance terminology can be overwhelming. Outlined below are a few key terms you will want to be sure to understand:
Premium: The dollar amount you pay each month for your insurance plan.
Deductible: You pay for healthcare services up to a certain threshold (the deductible). Then the healthcare costs are shared with your insurance provider.
Coinsurance: After you meet your deductible, you are only required to pay a percentage of a healthcare service cost.
Copayments: Copayments are predetermined costs that you pay to the provider for a particular type of healthcare service.
Out-of-pocket maximums: This is the maximum amount of cash you must spend on medical expenses in a policy period (typically 12 months) before your health insurance will cover all healthcare costs.
Types of Health Insurance Plans:
There are four main types of health insurance plans:
Health Maintenance Organization (HMO):
HMO plans tend to have the lowest premium costs of all health insurance types. With the lower cost comes a more limited in-network coverage. Generally out-of-network care is not covered. In cases of emergency, out-of-network care is covered.
Exclusive Provider Organization (EPO):
EPO premium costs tend to fall between HMO and PPO premiums. EPO networks are usually larger than HMO networks but are still mostly limited to local areas. EPO plans do not require a referral for specialists, although in-network providers must be used. In cases of emergency, out-of-network care is covered.
Point of Service (POS):
POS plan premiums also fall between HMO and PPO costs. For visits to out-of-network specialists, POS plans require a referral from primary care providers. But those out-of-network costs visits are covered.
Preferred Provider Organization (PPO):
PPO plans usually have more flexibility than POS plans but the premiums are higher. In PPO plans, out-of-network healthcare providers can be used without referrals—some additional cost will incur. With a PPO plan, in-network providers will cost you less.
High Deductible Health Plan (HDHP):
A HDPD plan can be an HMO, EPO, POS, or PPO. HDHP plans have lower end premiums but higher initial out-of-pocket costs. A HDPD can be advantageous if paired with a Health Savings Account (HSA).
Comparing Health Insurance Plans
After carefully evaluating your family’s healthcare needs, understanding health insurance terminology, and familiarizing yourself with the types of health insurance plans, it is time to choose a health insurance plan.
While looking at your options, below are a few factors that should be considered:
Coverage Options: What health insurance options are available to you and your family?
Provider Networks: Does the plan include your preferred primary care physician and local doctors? Are specialists who you or your family are already seeing part of the network?
Additional Benefits: Do the value-added benefits include healthcare services that will be advantageous to you? Value-added benefits commonly include: Free health check ups, free telemedicine platforms, free doctors consultations, and free fitness or wellness programs.
Cost: Finally, cost. Initially, premiums should be considered but not exclusively. Deductibles, copayments, and out-of-pocket maximums must also be taken into consideration when evaluating the costs of different health insurance plans.
For example, if one of your family members has a pre-existing condition which requires frequent and excessive visits to the doctor’s office, a plan with lower deductibles despite high premiums may be the most cost effective choice.
While the factors to choosing a health insurance plan are important to consider, the complexity and vast options may be overwhelming and time consuming to evaluate. If you would like to learn how to choose the best health insurance, read below or contact one of our health insurance experts.
How Our Agency Can Help
Although some may prefer to research and choose health insurance coverage for their family independently, our agents provide valuable expertise, tailored guidance, and ongoing support to simplify the process and ensure you have the right coverage for your healthcare and life needs.
Our agents help you with:
Expertise and Guidance
Personalized Recommendations
Access to Multiple Insurance Carriers
Enrollment Assistance
Ongoing Support
After you book an appointment we will go over the different service offerings we provide. These include:
Health Insurance
Medicare Health Plans
Long Term Care Financing Options
Life insurance and Burial Trusts
Supplementary Insurance
Cancer and Critical Illness Insurance
From life insurance to dental to travel and emergency medical insurance we have several other coverage options to help you and your family. Book an appointment today to make an informed choice for you and your family’s health insurance plan.
Contact Us Today
Navigating the complex world of health insurance does not have to be overwhelming. If you are unsure where to start or want expert advice, our experienced agents are here to help. With personalized recommendations and ongoing support, we are here to help you select a health insurance plan that meets you and your family's needs.
Contact us today to take the next step in securing your family’s health and financial protection.
