How Can I Balance Cost and Coverage?
Do you see the doctor a lot, have an ongoing medical condition, or take regular prescriptions? If so, you may be better off with a plan with higher monthly rates so that you’ll pay less each time you receive care. But if you’re pretty healthy and only see doctors once in awhile, you may want a plan with lower monthly rates and higher out-of-pocket costs. You pay your monthly rate each month no matter what, but you only pay out-of-pocket costs if you actually need care. And be sure to check whether the list of covered services meets your health needs.
If you’re purchasing an individual or family plan, then you should check to see if you’re eligible for a subsidy to lower your costs. You may qualify for lower monthly rates and/or plans with lower out-of-pocket costs. If you purchase insurance through your employer, chances are, your employer already pays a portion of the plan costs for you. No matter which plan you choose, it’s important to strike a balance between what you’re willing to pay and the level of coverage you are comfortable with.
Choosing a health insurance plan on your own can be tough, but don’t feel like you have to make this decision on your own. You can always contact the health insurer, an independent broker, or a Human Resources manager with questions about what type of plan will best meet your specific needs.
What’s a copay? How much is the deductible? Make sure you understand what expenses you’re responsible for before you choose a plan. Learn more about out-of-pocket costs.