Shopping for individual health plans isn’t something that can be done quickly. It takes time to understand each component of a healthcare plan and weigh your risk tolerance, health factors, and other considerations. Ideally, you should work with an independent insurance agent who can shop the market for you and present multiple options while explaining how the different individual health plans work. They will be able to utilize their experience to maximize your benefits and minimize your total out-of-pocket costs.
Here are some of the things your insurance agent can share with you to help you confidently choose the correct option for your needs:
- Out-of-pocket costs- You’ll better understand what to expect with individual health plans when you learn how each addresses costs such as coinsurance, copay, deductibles, dollar limits, and out-of-pocket maximums.
- In-network vs. out-of-network- When looking at individual health plans, consider which companies have your preferred medical providers listed as in their network. If they are not in the network, you can still go to them, but you’ll pay more out-of-pocket for any related medical expenses.
- Prescriptions- If you currently have several prescriptions that are working well for you, you should take the time to understand drug formularies and how that can affect what you’ll pay toward your medications and what the insurance company will cover.
- Types of plans- There are many types of plans, such as HMOs, PPOs, catastrophic health plans, and more.
At Elite Benefits Group, we want to help you find the right plan for your situation. We can go over all the individual health plans that fit your budget, not just in the sense of the premium, but also in the protection they afford. We will ensure you fully understand the different components of the various plans so you can make an informed decision before proceeding. Contact us today to learn more about how to help you keep your medical expenses from depleting your savings.