When it is time to select your medical insurance coverage there are several key elements that should be examined before you decide which coverage is right for you and your family. The most important of these elements is the cost. In an ideal world you would get as much coverage as you possibly could for you and your family, but you must weigh the cost of the coverage against the benefit that it is providing. This is just one piece of the puzzle however, here are several other things to look at before a decision is made.
You should first talk to your employers human resources staff, to see what types of plans are offered. The most common plan that employers offer is the PPO. A PPO is a traditional plan where you pay a monthly premium, and then a small co-pay when you visit the doctor. When you have to go to an urgent care clinic or hospital, the insurance company will cover a pre-determined percentage of your total expenses, and you will have to pay the rest.
Whatever the second option your employer offers, it is certainly worth a look. Occasionally, it will be a plan for which you do not qualify. Many employers only offer PPO and HMO plans. HMO plans are only available to individuals over a certain age. This age requirement varies by state. Your employer might, however, offer a HDHP option. HDHP stands for High Deductible Health Plan. It is usually used in conjunction with a Health Savings Account or a Family Savings Account. With the HDHP plan, you will pay all of your health costs up front up to your deductible, which is usually at least a few thousand dollars. However, preventative treatments are free. Both HSA and FSA saving accounts allow you to set aside pre-tax income to cover health care, including office visits.
You can even pay for band aids and sunscreen out of these accounts. HSAs roll over your saved money each year. FSAs do not, although you can pay for childcare out of this pre-tax saving program. Some employers match whatever income you put in your HSA or FSA, making a HDHP particularly cost effective. Deductibles for HDHP insurance are usually lower than PPO plans.
The most critical step in choosing a medical insurance plan is obtaining as much information as possible. You should research online, get information from the insurance providers, and talk to your HR department if you have any questions. Your medical insurance coverage is one of the most important decisions you can make, and it is not something that should be rushed into.
Whether you are looking for a individual health insurance or a family plan it is crucial to obtain several health insurance quotes before making your final decision. You can get quotes from various companies when you go to www.gohealthinsurance.com.