Ideally, individual health insurance plans are the ones that are bought from the private market and it is not usually tied to any workplace benefits. Even though it is referred to as an individual plan, it is meant to cover you, your spouse and your children.
However, choosing the best plan plays a big role in ensuring that you zero in on a plan with the coverage you need at a price you can manage to pay for.
Unfortunately, this isn't a simple task as it might sound because there are numerous individual health insurance plans to choose from nowadays and hence making the best choice can be such a hassle.
If you want to save thousands or perhaps more, then use the following golden keys to picking the best individual health insurance plan.
Identify your must-havesAlthough it is quite impossible for one to foresee illnesses or injuries, there are some medicals needs that can be anticipated.
For instance, if you have a history of heart disease, then you should make it apriority in your health insurance plan.
Basically, this means that you should go for an individual insurance plan that covers for the full cost of your family's healthcare needs you can anticipate. For example, some must-haves include preventive services for men, women and children, colon cancer, diabetes, individual dental care insurance etc.
Check the plan's networkIt is highly recommended that you should look for a physician or specialist with a robust networks of primary care physicians, specialist and hospitals. This means that you should make sure that before buying an individual health insurance plan, be sure that a physician or specialist of your choice is in its network. Check in the directory of doctors to confirm if indeed the doctor is in the plan's network.
Consider the cost of coverage1. This is one of the most important aspects that you should put into consideration while picking the best plan for your individual health insurance.
2. You need to know your out-of-pocket expenses and monthly premiums through flat fees known as copays for office and emergency rooms, deductibles and coinsurance.
3. Generally, the lower the out-of-pocket costs, the higher the monthly premiums and hence low copay which doesn't make sense. On the other hand, choosing a plan with low monthly premiums is not a wise idea as well. Basically, a plan with low copays is the best option in the long run.
4. Consider if the plan covers for prescriptions and X-raysIt is quite surprising to note that not all individual health plans offered by health insurance companies cover a list of prescription drugs, the most commonly used benefit .
You will want to be certain that the plan covers for certain medications, including the expensive ones you take regularly by reviewing terms of the plan's coverage.
For instance, for an individual dental insurance plan, check if your current prescriptions are covered and at what level. Also, if X-rays is a routine part of some treatments you undertake, ensure that it is covered in the plan as well.
Walk through several plansSome individual health insurance plans might look appealing at first glance but it is strongly recommended that you take a few minutes to review the benefits associated with each plan.
This is because majority of them may turn out to have cost sharing feature that might be burdensome.
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