Health Insurance Basics How Do I Choose the Right Plan

[Music begins] Shopping for health insurance is a big decision,
but asking the right questions can make it a lot easier. When it comes to health coverage, everyone
has different needs and preferences. Understanding the features of a health plan can help you
pick the right match for you. Let's start with the kind of plan you want.
Is it important for you to see doctors out of network or without referrals? If so, you
may want to look into PPO plans.

If it's not a top priority, then you may want
an HMO - you'll pick a primary care physician to coordinate your care and get a network
of providers to choose from. Trying to save money? Opt for a plan with
a higher deductible that can be used with a health savings account to save tax-free
dollars for qualified medical expenses. Or look for a plan with a tiered network.
You'll save when you visit certain doctors and hospitals. This works best if your providers
are already in the lowest-cost tier, or if you don't mind switching.

Once you figure out a plan type, you're halfway
there! Now you just have to figure out the best balance of cost and coverage. There are two main types of cost: premium
and out-of-pocket. Your premium is the monthly fee you pay to
become a member of a health insurance plan. When you need health care, your health insurer
will pay a portion of your covered health care costs, and you'll pay the rest: that's
the out-of-pocket cost.

This is where the balance comes in. Think
about it this way: you pay your premium regardless of whether you use any services, but you only
pay your out-of-pocket costs if or when you receive care. So if you see a lot of doctors, check the
out-of-pocket cost and make sure it's an amount you're comfortable with. If not, consider
a plan with a higher premium so that the insurer covers a higher portion of the services you're
likely to use.

Find out if your plan has a deductible. This
is a dollar amount you have to pay for services before your insurer starts to pay a portion
of the costs. If you reach your deductible and still need
more care, you and your health insurer will share costs until you reach the out-of-pocket
maximum. If you reach your out-of-pocket maximum, then your health insurer will pay for all
of your covered services for the remainder of the plan year.

Also, look into what services apply toward
the deductible, and whether it covers both medical benefits and prescription drugs. Most health insurance plans include prescription
drug coverage, so if you use a lot of medications, make sure those drugs are covered. Be sure to check if the pharmacy you use is
in network, and whether the plan has any special provisions, like a mandatory generic program.
And if you need specialty pharmacy drugs, look into how your plan covers them. Don't forget, you can save on prescription
drugs by taking advantage of generic drugs and mail-order service.

Questions about making your health insurance
decision? We can help. We have licensed agents who are always happy to help you find the
best plan for you. Call 1-888-475-6206 or visit ibx4you.Com for more information..