Selecting a health insurance medical plan
When selecting a health insurance medical plan, it’s important to take into account the variety of plan options that will have an effect on your purchase decision. According to America’s Health Insurance Plans (AHIP), the peak body for the nation’s private health insurers, there are six key features you should look for when selecting your plan. These are the premium, the level of coverage, access to doctors, access to emergency care, out-of-pocket costs and exclusions/limitations.The premium is pretty simple. When you’re looking at a private health insurance medical plan, take a look at the premium and decide if you can afford it. If you’ve currently got private health insurance, how does this plan measure up in terms of premiums to your old one? The premium should be weighed up in comparison to the out-of-pocket costs, including the copayment (the difference between the dollar value of your medical expenses and how much your insurer will pay), coinsurance and deductibles (how much you’ll have to pay ‘out-of-pocket’ before insurance kicks in).The level of coverage is a very broad topic, and will not be covered in depth here. However, it is essential that when you select your insurance plan to consider what the plan leaves out. Can you afford to go without what the plan doesn’t include or charges an extra fee for? The range of doctors a plan provides access to is also very important. Some health insurers, especially health management organizations, only allow access to a select range of healthcare providers (usually on a contract basis). If the selected providers are in a geographically inconvenient position, it might be time to take a look at another plan.When selecting a health insurance medical plan it’s always good to have access to emergency care lined up if the unimaginable occurs. Check the plan features – is the cost of the ambulance included? What about hospital accommodation? If only a select group of doctors are allowed to be seen, are there provisions for after-hours access? Exclusions and limitations should also be examined to make sure that nothing essential is left out.Remember, this information is presented as a guide only. When choosing your health insurance medical plan, it is essential that you conduct your own research and examine each company’s plans carefully.