A Guide to Choosing the Best Health Insurance Plan for Your Lifestyle

hospital doctor

Are you looking to change or update your health insurance plan? With all the available options, it can be overwhelming trying to find the right policy.

And when you’re buying your own, it can be even more difficult because you don’t have the guidance of your workplace or the government to choose your healthcare plan for you. You have to do it all on your own.

It can be intimidating, sure, but with the right information, choosing health insurance can be easy.

You’re in luck – because this article happens to contain all the information you need to choose the best health insurance plan for you. To learn more, just keep reading.

Determine What Stage of Life You’re In

Before you can choose a health insurance plan, you need to determine what stage of life you’re in at the present time. When you know where you are, it’s a lot easier to learn how to pick a health insurance plan that’s right for you and make an informed decision right from the start.

Below, you’ll find several life stages and a description of what type of plan would be appropriate for each. Use this information as a guide to get started.

I’m Single and No Longer a Dependent

To help you along in the decision-making process, here are a few questions to ask yourself:

1. What am I willing to pay?

Each level of health insurance plan has a different cost.

If, for example, you have a lot of other bills to pay such as student loans, rent, a car payment and more, you may only have room in your budget for a basic plan.

2. Can I afford a plan with a high deductible?

Many first-time health insurance buyers think going with a high-deductible plan is the most cost-effective decision they can make.

A high-deductible plan may result in an affordable monthly payment, but in the wake of an unexpected hospitalization, you could be left with thousands of dollars in medical bills.

This type of plan is best if you have a considerable amount of savings built up and are well-prepared for a medical emergency.

3. Am I willing to change medical providers if necessary?

There’s always a chance your doctor won’t take your new insurance plan, no matter how great it is. In this case, you would have to change medical providers and find a doctor who will accept your new plan.

Finally, you’ll want to consider how many times you think you’ll see your doctor this year. Don’t pay for a premium plan if you’re not going to use it.

I’m Getting Married!

Congratulations on your love story! Now it’s time to think about combining your finances, assets, and health insurance plans with your partner.

Here are a few questions you’ll want to ask to help you with your decision:

1. Are both of our doctors in the network?

If you and your partner both have doctors, you’ll need to figure out if any health insurance plans include your current doctors. Doctors who are in the network of your new insurance provider will cost less to see.

If both of your doctors aren’t in the network, you’ll need to decide if someone is willing to switch, or if you want to pay more to see your current doctors.

2. What are the pros and cons of combining our plans?

When you combine plans, it may mean you’ll need to move to a family deductible which may be higher than what you are currently paying.

Do the math and calculate what is more cost-effective: combining plans, or paying your plans individually.

3. How much are we willing to pay?

If you’ve decided you want to combine your plans, the next step is to determine what you’re willing to pay for health insurance.

If you have a significant amount of savings when combined, you could opt for a high-deductible plan. If not, you may want to search for a plan with copays or a lower deductible.

I Have Children

Having children can make finding the right health insurance plan even more challenging.

Below are some questions you can ask to help guide you through the process:

1. How much are we willing to spend on premiums?

When your family grows, often your network of medical providers will, too.

When the time to shop for a new plan arrives, you’ll need to figure out which providers will remain in your network the coming year, and which will not.

Once you’ve spoken to your insurance agency it’s important to decide which providers you’re willing to pay out-of-network premiums for and which you’re willing to switch from.

2. Can we risk having a high-deductible family plan?

If you don’t want to put your family’s finances at risk in the event of an emergency, you’ll want to pay for a lower deductible plan or one that involves copays.

It’s Time to Look into Medicare

If you’re nearing retirement, you may be thinking about investing in a Medicare supplemental insurance plan.

Below are two questions to aid you in the decision-making process:

1. At what age do I plan to enroll in Medicare?

If you’re 65 and still on your company’s health insurance plan, you may not wish to enroll in Medicare.

But, you can still enroll even if you’re already covered. Medicare Part A can be especially useful if you need hospital coverage more than anything.

2. Which plan is the most cost-effective for my current situation?

Believe it or not, the priciest plans may not offer the best coverage.

If you know you have an upcoming surgery, a high-deductible plan may be beneficial because your care will be paid for once you reach your out-of-pocket maximum.

Find the Best Health Insurance Today

Now that you know what important questions you need to ask for the different stages of your life, picking the best health insurance plan will be easy.

If you’re looking for great information, like how dental implants could change your life, check out the rest of our blog!

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