Your health is perhaps the most important single asset that you have to protect over your lifetime. Your health is what will ultimately determine your ability to be active, get out and perform necessary daily activities, and enjoy your life throughout the many stages of life. Taking care of your health starts with choosing a healthcare plan that is right for you, covering the care you need at the lowest cost to you. Here are a few things that you should think about before selecting a healthcare plan for the best coverage for you.
Premiums, Deductibles, and Copays
The first thing that you have to think about before selecting a healthcare plan is the premiums, deductibles, and copays. Premiums, deductibles, and copays are the major ways that you pay for your health insurance plan. The premium is the monthly charge you pay out of pocket to maintain your coverage. Deductibles are the amount of money that you are responsible for before your coverage kicks in. A copay is a flat fee that you pay when you visit a doctor or fill a prescription. Together these numbers will make up the cost of your insurance coverage.
Another crucial thing to think about before selecting a healthcare plan is the prescription drug costs and coverage in your plan. According to Xevant, the U.S. spends a greater amount per capita on prescription drugs than most countries. This is due in part to unchecked drug prices making pharmaceutical companies rich at the cost of patients. Make sure that you understand what prescription drugs are and are not covered by your insurance plan offerings, and make sure you select the plan that has the prescription drug coverage that you need. Prescriptions are a crucial part of most people’s health care, make sure they are covered.
HMO vs. PPO
The final thing that you should think about before selecting a health care plan is whether you would rather have an HMO or PPO coverage plan. An HMO plan limits your options for healthcare providers to a list provided by your insurance company. A PPO on the other hand allows you to see any doctor that you want, but at the cost of higher deductibles. Blue Shield California suggests you do your research to find which works best for you, as both types have their advantages and disadvantages.
Healthcare is essential to maintain your health for a happy and productive life. Choosing a health insurance plan can be a confusing maze, however, with all the options. Make sure that you are thinking about these three things to choose the best healthcare plan for your needs.
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