Budgeting for Health Insurance?
Healthcare coverage can vary greatly from company to company. One carrier might offer a lower deductible, while another offers a better network. So it’s a good idea to shop around from carrier to carrier. Doing this gives you a realistic idea of what you should be putting aside for healthcare.
Things to consider when setting aside a budget for health insurance
HSA, HMO, EPO, and PPO.
This is actually a big deal when it comes to the networks you have, Doctors that participate, and benefits. Don’t know what kind of budget to set aside? Depending on what you are looking to get out of your healthcare coverage the type of plan you choose will determine what budget you will need to set aside for your premium.
- Network! Network! Network!
Your network determines what doctors you can see, what hospitals accept your insurance, where you have coverage, and how far outside of your postal zip code you access to in-network medical treatment.
- Benefits! Co-Pays and Co-Insurance
Not all plans provide co-payment benefits before a deductible is satisfied. If you are taking prescriptions and visiting your doctor several times a year, it might be in your best interest to find a plan that provides co-payment benefits before you a deductible is satisfied.
- Primary Care Physician
Will you be able to continue to see your current doctor? Or will your budget and needs have you shopping for a new doctor?
- Hospitals, Emergency Rooms, and Surgical Centers
In the event of an Emergency or sickness what facility will be caring for your family and is that good enough? If you are not in-network with the facility of your choice, what is your Out of Network requirement?
Deductible & Out of Pocket Max.
Two moving pieces to a health insurance policy that are both important when choosing a plan. Your deductible ensures co-insurance to take place and limits your financial obligation to a percentage of your medical bills, until your out of pocket max is satisfied, capping your out of pocket exposure.
- In-Network & Out of Network
These are 2 contingency terms in your health insurance contract requiring you to stay in-network or your deductible and Out of Pocket Maximum financial obligation’s change based on the provider or facility you choose.
So many options available in the market choosing a plan that fits your needs and budget can be overwhelming. Working with an agent to shop around can help you understand your options when choosing a health insurance policy.
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