Choice Enrollment Blog
Whether you are seeking a personal health-insurance-policy for your family or choosing among various health insurance options that your respective employer is offering, there are a number of factors to carefully take into account. It's important to consider your healthcare usage against the types of insurance plans available to you such as Health-Maintenance-Organizations (HMOs), Preferred-Provider-Organizations (PPO), High-Deductible-Health-Plans (HDHPs) and Indemnity Health Plan.
Analyze Your Family's Utilization of Health Care Providers
You may begin by reviewing your family’s utilization of health-care-service providers in the preceding year. While you're at it, be sure to look into how frequent family members visited the doctor, and if there are any future health conditions or if there are any complications that warrant ongoing treatment. Considering how your family uses health-care-services will ultimately shape the kind of coverage-you-may need.
Review Options Offered By Your Employer
Most employers will offer a Health-Maintenance-Organization (HMO) or a Preferred-Provider-Organization (PPO). PPO plans advance a large network of health practitioners you may consult but may attract higher out-of-pocket expenses such as co-pays and the premium. Co-pay is the portion of services you pay for as they're received (your respective insurer settles the rest) whereas the premium is simply the cost-of-the plan.
It is imperative to note that HMO plans are less-flexible in which health practitioners you can visit & often dictate that you remain within a restricted network of providers. What is more, you will be required to visit a primary care physician prior to seeing a specialist. HMO plans are the least-expensive option of the two in most cases because of the low levels of flexibility they afford.
Consider a High-Deductible-Health Plan (HDHP)
You may consider a HDHP if none of your family members are high users of health care services and also if you don't anticipate a large amount of visits to the doctor in the coming year. HDHP premiums are often lower than those of HMO or PPO plans & may entail Health Reimbursement Accounts (HRAs) into which-your-employer deposits money to cater for your health care.
For HDHPs that adhere to IRS requirements, the covered individual is eligible to hold a Health Savings Account (HAS). The funds in HSA & HRA accumulate & roll over to the subsequent year, making this an undoubtedly judicious alternative for lower-users of their health policy.
Evaluating alternative plans
Proceed to evaluate whether alternative plans such as Indemnity Health plan or Point-of-Service (POS) are the correct options for your family. Typically, Indemnity coverage plan is the conventional, non-managed option that liberates you to see any doctor of your preference and reimburses your provider on a fee for service basis. It is the best alternative if you value flexibility and if spending a few extra dollars for a more comprehensive coverage will be a problem. Having coverage this flexible implies immediate treatment for unexpected illnesses or medical emergencies. Indemnity insurance has gradually become less prevalent as the popularity of managed care becomes more amplified.
Conversely, a POS option is simply a hybrid-between a HMO and PPO. Just as the case is with a HMO, you will require a primary-care-physician. However, like a-PPO, you will have a large network of relevant physicians for referral purposes. These plans will occasionally be offered by your employer although they are likely purchased individually & will be-priced-between a HMO & PPO.
Both POS and Indemnity health plans attract an annual deductible & may incur higher-premiums than other plan alternatives.
Premium costs and Cost analysis
Finally, proceed to obtain quotes for each and every type of plan; prior to carrying out a comprehensive cost-analysis of each plan’s premiums against the kind of service you are convinced your family will require, clearly establishing what is the correct health-insurance-plan-for your beloved family.
In addition-to-cost, for every plan category you will want-to-consider their provider networks, the kind of services covered and out of pocket expenses.
Following these tips will aid you establish the ideal health insurance option for your family. But there's no replacement for speaking with a qualified health insurance agent. Call Choice Enrollment at (866) 481-1616 and we'll help you navigate your options.