Choosing a health plan doesn’t need to be stressful. You have options to choose from that will allow you to create a policy that is most beneficial for your family. If you want to learn more, you can find quite a bit of information by going through the Summary of Benefits and Coverage. Your insurance provider can also help you get the information you need to make a wise choice when it comes to your health insurance policy.
Different Plans and Provider Networks
If your plan has a network, it’s important to remember that only providers within your network will be covered by your insurance. Going outside of your network can be costly if you have to pay for everything out of pocket. If you have a primary care doctor that you want to continue seeing, you have to change your coverage to a carrier that accepts your primary care doctor.
Monthly Premiums
Most health insurance policies require premiums to be paid on a month-to-month basis. If you miss a payment, you may lose your health insurance. Your monthly premiums are only a part of what you will pay for your health insurance. In addition to your monthly premiums, you will also have to pay deductibles, co-pays, and coinsurance.
Deductibles
Deductibles are the out-of-pocket costs that must be paid before your traditional coverage starts paying your medical expenses. Policies may have different deductible amounts ranging from $500 to $1,000 or more. Like with other types of insurance, the higher the deductible, the lower your monthly premiums will be. Your insurance can help you get all of the information you need to choose the right policy and deductible.
Co-Pays and Co-Insurance
Co-pays are the flat fees that you will pay for services or prescriptions before your insurance actually pays the rest. A co-pay is normally only a few dollars and is not considered to be part of your deductible. A co-insurance fee is a percentage of what you are required to pay for any medical service or medicine you must purchase.
Prescription Medication Coverage
Most insurance agencies have a list of medications they will cover with their insurance policy. If a medicine you need is not on the list, you will have to pay for it out of your own pocket or apply to your insurance company to obtain the coverage you need. Just like making sure your primary care doctor is in your network, you will need to see if your medications are on your insurance company’s list.
In order for you to choose the right health insurance policy, you need to understand all of the nuances and the purpose of each component. Talking to the agents at J. Archer Insurance Group will help you find all the answers you need to get the best policy. Contact us today to learn more!
