figuring out which insurance plan will best meet your health needs for the coming year is far from simple. if you get your insurance through an employer you’ll likely be given a few plan options from which to choose. if you buy insurance in the private market you can search for plans available in your area and compare the benefits side-by-side at either healthcare. gov or ehealthinsurance. com. when evaluating each plan take the following factors into consideration: do the math: estimating what your out-of-pocket costs will be over the course of the next year is one of the most important considerations when choosing a health plan. that means calculating the cost of items such as expected deductibles co-pays co-insurance and prescriptions. once you’ve added the numbers ask yourself: is it cheaper to purchase a high deductible plan with a lower monthly premium that costs me more before benefits kick in? or do i see a doctor frequently enough to make it worth my while to pay more each month for a plan that covers costs right away for each doctor visit or treatment? also factor in your worst-case scenario. what will your maximum financial exposure be if you get sick and need serious medical care? most insurers offer plan-modeling tools on their web site to help you factor in how many times you typically see a doctor during the year how many prescriptions you take and whether you’re planning a surgery to help you figure out what your total out-of-pocket costs might be and which plan options might best serve you. review covered services: if you’re planning to become pregnant and your plan doesn’t cover maternity care (a common situation in the private market) you’ll be left with a hefty bill upon baby’s arrival. carefully check out the list of excluded benefits in the health-plan summary. if in doubt call the insurance company directly to confirm that the type of care and services you require are covered under the plan you’re considering. provider networks and drug formularies: is your doctor in the network? are the three medications you take each month listed in the health plan’s formulary? if not you’re in for sticker shock. provider network and drug formulary information should be listed in the summary plan description or you can check the insurer’s web site for that information. if you’re searching for insurance on your own ehealthinsurance. com offers an option whereby you can type in your doctor’s name to see if she or he is in a health plan’s network. you might also want to call your doctor(s) directly to confirm participation.
how do i sort through all the different health insurance plans to find the one best for me?