Choosing a proper health insurance policy can be intimidating and quite tricky, especially if you don’t have professional guidance. However, there are specific terms that you should know, which can ease the process of choosing.
Different types of plans are available in the market to help different kinds of people. While some plans restrict your choices by providing you with a list of medical institutions you can go to, others provide lump sum money whenever you are ill. Here are some pointers to help you choose the correct health insurance policy.
Know The Correct Category
Before you start choosing your health insurance policy, you should know about different marketplace plans. There are four tiers of plans available – namely platinum, gold, silver, and bronze. In each of these tiers, you can get either of the following types of policy
- Executive provider organization where you are covered only if you use the doctors and medical institutions laid out in the plan
- Health maintenance organization, which limits doctors, and won’t include anything outside of their network
- Point of service, where you are paid a portion of the charges for any doctor or institution you choose for treatment
- Preferred provider organization where a percentage of the fees are paid only if you use the pre-approved system and doctors
Well, just knowing about the types of insurance policies won’t do. You need to pay the premium, and that will depend on your monthly earnings and savings. Before you choose a plan, make sure you research about the monthly premium when you need medical and service and when you don’t. Additionally, there would be other charges, which are not part of the premium. You should also consider the percentage you will be paying out of your pockets if you are ill.
Based on your budget and your health condition, you need to choose the correct network and types of policy. For example, if you are suffering from conditions like diabetes, you would need access to medical facilities pretty much everywhere you travel. So, choosing a plan that limits doctors and medical facilities, won’t be a good choice in this case.
Another type of health insurance plan that you should be aware of is the catastrophic health insurance policy. Only people who are below 30 years of age or affordability or hardship exemption can apply for this. While the premiums are low in this case, you cannot apply for a tax credit with this type of plan. Additionally, the deductibles on this type of plan are higher than normal. On the plus side, they cover a couple of preventive services without additional costs and allow three primary care visits annually.
If you are confused about choosing a health insurance policy, you can always consult your agent. Additionally, you can also use National Health Insurance Agencies Inc, who offer you a free consultation. With professional advice available around you, all you need to do is book a call, and clear your doubts!