Home HEALTH Top 5 Factors to Consider When Choosing Health Insurance Providers

Top 5 Factors to Consider When Choosing Health Insurance Providers

by Rohan Mathew
Top 5 Factors to Consider When Choosing Health Insurance Providers

32.8 million people under the age of 65 don’t have health insurance in the United States. Most people opt out of coverage because they don’t believe they have the funds for it.

However, there are different kinds of health insurance plans, some more affordable than others. To find the right policy for you, you’ll need to know what to look for.

Read on to learn all about choosing health insurance providers.

1. Premiums

When choosing health insurance providers, one of the things at the top of your list should be premiums. The premium will vary depending on how many people there are in your family, your age, and your location.

Typically, a family of four pays less than a family of three. Similarly, a younger person will pay less for a policy than an older one.

2. Deductible

The insurance terms and conditions will state that you pay your insurance premium every month which leads you to consider your annual deductible. If the cost of insurance is low, you have a high deductible.

A high deductible means you pay more for medical costs before the insurance provider steps in. Depending on the type of insurance you opt for, you may have an individual or family deductible.

3. Out-of-Pocket Maximum

When comparing insurance costs, it is important to note that you might have to pay even if you reach your deductible. Typically, this will be a separate amount you’ll have to pay known as the out-of-pocket maximum.

Once you reach your deductible and out-of-pocket costs, your insurance provider will cover the entire medical bill. This rule only applies to healthcare facilities within your insurance network.

4. Network Providers

When buying health insurance, you’ll want a provider that covers your current doctor or a doctor you are comfortable seeing. All providers will have a set list of hospitals and doctors within their network.

GMS is a health insurance coverage that can cover costs not paid for by the government.

Looking into the services you need will prevent you from spending lumps of money out of pocket. For example, LASIK is not covered by every provider.

If this is something you may want in the future, take a deep dive into providers and what services they offer. You should also consider how much you will use your plan before signing up for one.

5. Claims

If you ever need to make an insurance claim, you’ll appreciate knowing the process beforehand. Doctors usually handle claims for you, but if you operate outside of the provider’s network, you’ll need to make a claim yourself.

If the claims process is too difficult to understand, that may be the deciding factor on which insurance provider to use.

Choosing Health Insurance Providers Doesn’t Have to Be Difficult

Choosing health insurance providers is an important task, but it doesn’t have to be a difficult one. If you understand the factors listed in this guide, you’ll find a provider that works for your needs.

When making comparisons, focus on premiums, deductibles, out-of-pocket maximums, etc.

For more articles that talk about finance and health, check out the additional posts we have on our blog.

You may also like

Leave a Comment