3 Things to Know When Choosing Your Healthcare Plan

Buying insurance is never fun. All the little details, which are easy to overlook, come with possible consequences. Since each plan is different, it’s easy to make assumptions based on past experience with previous plans that you will need to live with for at least a year once you’ve signed and the enrollment period is over. So, it goes without saying, choosing the right healthcare plan can be a difficult process at times.

However, it doesn’t have to be. Doing these three (3) simple things will help you make the best decision every time.

1.  Know Your Plan Selection

Know the difference between a Managed Care verses a Fee-for-Service plan.  A Managed Care Plan is also known as Health Maintenance Organization (HMO) or a Preferred Provider Organization (PPO). Many of these plans have zero monthly premiums. They allow you to select an in-network Primary Care Physician and have less out-of-pocket expenses.  The PPO plans allows you to select doctors out of network, but a PPO plan may have higher co-payments.

2.  Find Out What’s Included in the Benefits

Make sure your plan selection meets your health needs. For example, ask if the plan covers vision, dental, hearing benefits and annual medical exam visits.  Ask if the plan covers mammograms, prostate screenings and emergency room visits. Get answers to all of your questions.  Remember, every question you have is important, so make sure to get your needs addressed.

3.  Know How Much You Will Be Responsible For

Prior to selecting your healthcare plan, find out your deductible, monthly premium, co-payments, and annual out-of-pocket expenses amount.  All of these equal what your total responsibility may be. Educating yourself will empower you to make the best decision for your health-care needs.

Once you know this, get with your insurance professional and have them answer any questions you’re not sure off. Knowledge is power, so make sure you understand what you are purchasing.