Five Questions to Ask Yourself When Choosing a Health Insurance Plan.

 

Shopping for individual health insurance can be challenging and confusing.  Here are five questions that I recommend you be able to answer before you shop to help you or an insurance agent narrow down the options available to you:

1. Is maternity coverage important to you?  This question isn't just about whether or not you are planning to start a family.  If there is any chance that you may become or cause someone else to become pregnant, it's at least worth looking into the difference in the cost.  They don't call them "Oops! babies" because they're not loved.
2. Is it mental health and chemical dependency coverage important to you?  This can make at least some difference in the premium because it's not just about the mental health and chemical dependency treatment.  It's about other health issues that may arise as a result.
3. Aside from your annual physical, how many doctor visits do you typically make in a year (per person)?  There are some very affordable plans out there that cover say up to 3 visits per year without meeting your deductible.  Families with children may opt for a plan that covers unlimited visits per year for those little things that come up.
4. How interested are you in plans that can be paired with a tax advantaged Health Savings Account (HSA)?  The big advantage here is that, if you have the income to max fund the HSA every year and don't actually use the money, it carries forward to the next year...and the next...and the next and can eventually be taken out as income in retirement if it's not fully depleted.
5. How would you prefer to plan financially for your health care.  Is it more important to have it be predictable as in a higher monthly premium in exchange for lower co-pays when you do use it or would you like to have it the other way around?

As I said, whether you are shopping yourself or working with an agent, these questions will help you to narrow your focus and zero in on the plan that makes the most sense to you.

Related articles by Zemanta

• Do You Know Your Out-of-Pocket Costs (outofpocket.com)