Never rush into choosing the health care plan for you and your family. This is one of the most important decisions you’ll make as an adult. Your and your family’s future is in the hands of the health care insurance plan that you will choose. It is an understatement to say that your picking the best health care plan is tantamount to ensuring the quality of life of your family.
Aside from the premium and the hospitals accredited with the right amenities such as a hyperbaric chamber in Bali or other cities, you should also look at the doctor lineup, out-of-pocket costs, and the additional benefits. Health care insurance policies are tricky because you may be paying less in premiums now while facing higher out-of-pocket. You need to be practical when signing up for a health insurance policy.
Determine the Worst-case Scenario
First, do you have any medical history of diabetes, cancer, or hypertension? This puts you at great risk in the future. Do you smoke a lot? Do you have an unhealthy lifestyle? Do you suffer from nutrient deficiency? The cost of your health insurance will depend on several factors, one of which is your medical history. You need to be transparent with your health insurance agent about the medical procedures that you have undergone in the past. This will help the agent give you a more accurate computation of how much you’d have to pay.
To determine the total cost of your health insurance, you need to add the total annual premiums and the maximum out-of-pocket. If you qualify for the after-premium subsidy, add only the amount that you have to cover after the subsidy. In most cases, you’ll realize that getting the lower-premium health plan is more expensive than the gold and platinum levels, which have lower maximum out-of-pocket limits.
Understand the Type of Plan You Need
Most people get their health insurance from their employers. This comes as part of their compensation package. This means that you won’t need to depend on government programs. But you might want to upgrade this health plan to include your immediate family. You have to pay for this from your own pocket. You can also opt to get better plans on the market. Some plans will give you access to better hospitals and networks of doctors. Going with your employment insurance is always cheaper because your employer pays a portion of the premium.
There are two main types of health insurance: indemnity insurance and managed care insurance. With indemnity, the patient pays a percentage of the medical costs, while the rest is shouldered by the insurance company. The patient can choose the doctors. With managed care insurance, you or your employer pays a fixed price for the insurance premium. This has a minimal out-of-pocket expense, but you will only be allowed to go to a doctor under the same network. If you go outside the network, you will have to pay more.
Once you understand what type of insurance plan you need, you can start measuring the pros and cons of each plan. Remember not to let yourself be so distracted by cheaper premiums that you end up paying more. Although there is no one-size-fits-all policy, you can make better choices when you understand the options available to you.
