If you care for your family, you want to ensure they are adequately covered. However, choosing the right health insurance policy for your family can be a daunting task. This article will help you to navigate the complex world of health insurance and to make this important choice. Here are points to consider when choosing health insurance for your family.
Choose Your Plan
You have the following options:
HMOs (Health Maintenance Organizations): They require you to stick to in-network providers plus you'll need referrals to see a specialist. This option is best if you want low out-of-pocket costs.
PPOs (Preferred Provider Organizations): You can visit out of network providers, but it will cost you more. You also don't need a referral to see a specialist.
This plan is good for you if you want the freedom to see any healthcare provider. You may want to consider this plan if you live in a remote area,
EPOs (Exclusive Provider Organization): You'll have to consult in-network providers, but you don't require a referral to visit specialists.
Point of Service Plan: With this plan, you are restricted to in-network providers but don't require referrals to see specialists.
HMOs and PPOs are typically cheaper.
Note that seeing an out of network doctor will cost you more. If you want to continue seeing your favorite family doctor, you want to make sure they are on your policy's network. To find out if your doctor is on the insurance policy's network, visit healthcare.gov or your insurer's website.
How large is your plan's network? A large network coverage will give you more choices.
Out of Pocket Costs
This is the total amount of money you'll be required to pay upfront before your insurer steps in.
A high deductible often translates into low premiums. You may take this option if you are young, healthy and less likely to fall ill.
If you or a member of your family has a chronic health condition or are likely to visit a health facility rather often, you may want to reconsider this option. A plan with low out of pocket costs and higher premiums may be more suitable for you.
Benefits Versus Your Needs
Look at the benefits offered by each plan; do they meet your needs? You may be in need of better coverage for mental health than say, maternity care. Opt for a plan that gives you the best of what you need.
Your choice of health insurance will depend on your health care needs, costs, network coverage, and plan. Choose a plan that meets your health needs, with adequate coverage and which is within your budget. Find a good family doctor with reasonable costs, a range of services, and a good network of specialists.