Having a health care plan is very important. It does not matter even if you are very healthy. In the event of something unexpected happening, it will save you a lot of money. How do you get the best health insurance plan for you and your family that covers both your unique needs as well as being cost effective?
Even if having a health care plan does cost you money, it may end up being cheaper than not having it at all. The problem is that choosing the best health insurance plan can be quite complicated as you try to get the lowest quote that will fulfill all your requirements.
What do you do?
1. Learn about each kind of coverage. This exercise may be an eye-opening exercise for you. You will learn what are available and the kind of options that will impact your finances.
2. List your requirements. You want to know exactly what you need so that when you look at getting the lowest price, you do not miss any of your needs,unless you so decide to.
3. Consider the cost. However, keep in mind quality and continuity of care.
Fee-for-Service plan. You can choose the doctor. The insurance pays part or all of the cost.
Health Maintenance Organizations (HMO): There is a flat monthly fee to be paid with little or no deductible. However, if you see a provider who is outside the plan, you will probably have to pay the bill.
Preferred-Provider Organizations (PPO): There is a choice from a group of providers who are contracted by your insurer to offer services at a discount rate. In this case, you get greater flexibility if you need to see doctors outside the plan.
If you are on your own, you will need to do further research into how to lower the cost. If you leave your job, COBRA (The Consolidated Omnibus Budget Reconciliation Act) kicks in and lets you keep your health coverage.
You should take advantage of tax-deferred accounts by using the health savings account and flexible spending accounts. This allows you to set aside pre-tax dollars to pay your out-of-pocket medical expenses.
4. Look into the options available to you.
If you work for a good company, its likely that you can get less costly health insurance for both you and your family as most of these companies offer group care plans where part of the premium is paid by the company.
There are also private and government health care plans available that will be able to cover your future medical bills.
In the US, there are a number of government health care plans available, like Medicare, State Children’s Health Insurance Program, and Medicaid. However, not everyone can qualify for these plans. If you don’t qualify, then taking out a private health care plan is another option.
With private health insurance, you should shop for health care plan quotes from different companies. By doing this, you will be able to know about the different health care plans each company offers and also know which one offers the best price with the best possible coverage.