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How Can You Compare Different Health Insurance Plans?

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The Health Insurance Industry is hard to navigate. Finding a reliable and affordable insurance plan is a challenge. The issue is, most people don’t know what to look for when buying an insurance plan. Even worse, they don’t know how to compare them.

Following, we are explaining two key points that will help you find affordable and reliable insurance plans. These guidelines will make sure you find a plan specifically tailored for you, and you don’t overpay.

Compare Your Out-of-Pocket Costs

Every Insurance company has its way of sharing costs. But your insurance plan’s summary should clearly show how much you will pay (out of your pocket) for medical services. Three things determine your expenses, these are:

Deductible– This is the amount an insurance holder pays before the insurance company pays any expenses.

Coinsurance– This is the percentage of covered health care services you pay (after the deductible). The rate can be 10%, 20% or more.

Copayments– It is a fixed amount the insurance holder pays for a covered health service.

There is a limit on out-of-pocket costs per year, and its maximum amount is mentioned in the plan tariff.  These costs depend on your monthly premiums. You pay more expenses with low premium insurance plans.  

There are different options for cost sharing and to you narrow down your choices based on your out of pocket expenses. A plan that covers a higher portion of your medical expenses will come with a higher monthly premium.  Such plans are beneficial in case:

  • You see a doctor (Primary or other) very often
  • You need continuous emergency care
  • You take expensive medications regularly
  • You are expecting a baby, planning to have one or already have kids
  • You have a Planned Surgery
  • You were diagnosed with a severe ailment the company covers it

A plan with high out of pocket costs and lower premiums is ideal in the following cases:

  • You can’t afford high monthly premiums
  • You are healthy and hardly visit a doctor

Compare Benefits

When you compare health funds – iSelect, you need to review the benefits summary that covers several health services carefully. Don’t skip it and pay attention to what health services your plan covers like physical therapy, emergency coverage, etc. These details make sure the plan is tailored according to your needs.

Once you have the options covered, it’s time for questions. Write down any lingering questions you have and first try to find answers from the company’s website. If the site doesn’t answer every question, call the company and ask the customer service representative. Make sure you record the answers.

You can ask questions about your health condition, pricing, terms, conditions, etc. Following, we are sharing some examples:

  • Is my medication covered under the insurance plan?
  • Which other drugs or medicine does this plan cover?
  • Do you cover maternity services, and which?
  • Will the plan cover my expenses if I get sick when traveling abroad?
  • How to I started signing up and what documents should I bring?

A Pro Tip: Remember to cancel your old plan before starting the new one.

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