Annual vs. Monthly Premiums: Which Saves You More?
You should also check the summary of benefits for each plan you're considering, as this will tell you how much coverage is provided for specific services. Be sure to also take note of any limitations or exclusions in the plan, as these could limit your options when you need care. It's also a good idea to ask friends and family about their experiences with each plan before making a final decision.
What to Look for in a Plan
Whether you’re buying health insurance on your own or
going through open enrollment at work, choosing the right plan is an important
decision. And while navigating the complexities can feel overwhelming, knowing
just a few things ahead of time can help make it easier.
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Ultimately, insurance companies are profit-driven
enterprises. While their marketing pitches often emphasize a commitment to your
well-being, they are primarily concerned with ensuring that they collect enough
premiums to cover potential payouts and generate generous profits. Keeping this
in mind can help you make strategic decisions that may positively impact your
coverage costs, such as maintaining a high credit score and adopting
risk-mitigating practices like home security systems.
Understanding different types of charges can also help
you compare plans and identify what might work best for your budget. A few key
charges to keep in mind are the monthly premium, out-of-pocket maximums and the
provider network. The federal online marketplace and many state health
insurance exchanges provide snapshots of these charges to allow for easy
comparison.
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A plan’s provider network consists of doctors, other
healthcare professionals, hospitals and pharmacies that an insurer contracts
with to offer care at discounted rates. Using providers in the plan’s network
can significantly reduce your out-of-pocket expenses, so finding one that fits
with your healthcare needs is important.
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Out-of-pocket maximums are the total amount that you will
pay for covered services before the insurance company starts to pick up the
tab. While a higher maximum will mean less money out of your pocket in the long
run, it’s essential to carefully consider your typical healthcare usage and
determine what amount you can comfortably afford to spend each year.
You should also find out if the plan you’re considering
has a provider network that includes your preferred doctor, especially if they
are not in-network. Eliminating any plans that don’t have the majority of your
care options will help narrow your selections. Finally, decide if you want a
plan with a copay or deductible, as this will affect your overall cost.
Generally, you will pay lower out-of-pocket costs with a copay, while a
deductible will require you to spend more upfront before the insurance starts
paying.
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