How you Should Weigh Your Insurance Plan

Choosing the right insurance coverage is never easy. There are many things you need to consider. Apart from comparing the premiums, deductibles, and copayments, you need to make sure you are dealing with a reputable company. You also need to consider lifestyle and risk of danger. I have a buddy who loves to do Helicopter Pig Hunting among a handful of other extreme hunting and sports. I know for a fact, he has a great insurance plan that will cover any kind of accident, broken bone, stitches, and life insurance he may need on a daily basis. When you take risks in life, you still need to be responsible and make sure you aren’t drowning in medical bills or your family is left with overwhelming debt. Fortunately, there are now benefit planning advisers you can hire to make sure you’re in good hands. These experts can help you choose the best insurance package and maximize your benefits. So before you choose a package for you and your loved ones, here are some tips from our experts:

  • Choose the best type that meets your needs

Generally, there are three types of plans: HMO (health maintenance organizations), POS (point-of-service plans), and PPO (preferred provider organizations. HMO usually offers a more affordable cost, but you can only choose a physician within a specific network. For PPO, you can choose to stay in-network or go out of network for a “heftier” fee. Keep in mind that out-of-pocket costs are also higher for PPO’s than HMO’s. On the other hand, POS is a combination of HMP and PPO. In POS, you have the option to pay more for venturing out of network. Although, they usually require choosing a primary care physician within the network, or get a referral from that physician before consulting any specialist.

  • Size up the costs

Compare the total costs of various plans and choose the best one that suits your preference. If you’re young and healthy, you may witch to pricey monthly premiums for a higher deductible. Just make sure to check other fees like “copays” and coinsurance. These should include the physicians’ fees and your share of the cost for medications or hospitalization.

  • Consider your doctors

Before choosing a plan, check the list of primary care physician and specialists. It would be better to choose an insurance company where your doctors are currently affiliated. You may also ask your doctor for referrals.

It’s always good to prepare for the future. Getting the best insurance plan for you and your family can save you from those unwanted medical bills. Just make sure to choose the right one and try to maximize your benefits.