5 Things to Think About When Picking Insurance Plans

Posted: November 5, 2013 in Uncategorized
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Many people are choosing the wrong insurance plans out of confusion and misguidance. Only 11% of people surveyed knew that a hypothetical insurance plan would charge for a 4 day visit to the hospital. More Americans need to understand how insurance plans work. Here are 5 things to consider when in the market for an insurance plan:

  1. Be realisticThree costs are essential to look at: your deductible, your maximum out-of-pocket costs, and the premium cost contribution compared to the previous year. Likely you will either have visited the doctor frequently so you should choose a plan with high premiums but low deductibles or you didn’t go to the doctor frequently and you should choose a plan with low premiums and high deductibles.
  2. Don’t get sentimentalDon’t stick with the wrong plan out of habit or laziness. Change policies if your needs change.
  3. Understand your optionsEmployer based insurance usually comes in three forms: Point of Service, Preferred Provider Organizations, and Health Maintenance Organizations. Understanding how each one differs and which one is right for you is important.
  4. Stay healthy – It is as simple as it sounds, healthier people pay less for insurance plans.
  5. Talk to the expertsSeek help from professionals to guide you through the process. Just like seeking more than one doctor’s opinion, shopping around for insurance is smart.

For more on smarter ways of thinking about insurance head to this link:

http://www.cnn.com/2013/10/03/health/health-care-open-enrollment

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