What to Look for in a Health Insurance Plan

Like buying a car or home, investing in health insurance requires careful consideration. With so many plan options available, it’s important to find a plan that suits your care needs and budget.

Here are some personal issues to consider:

• How much coverage do you need?
  
  
• How much can you afford to pay for premiums and other health care costs?
  
  
• Are you willing to sacrifice some flexibility in choosing doctors and hospitals in exchange for a better rate?
  
  
• Are you comfortable keeping receipts and filing claims?
  
  
• Are you willing to have a primary care doctor refer you to specialists?
  
  
• Do you or family members have chronic disease or disabilities?

Here are some general guidelines for choosing a plan:

• Comparison-shop to find the best combination of care and cost.
  
  
• Make sure the policy provides the coverage you need. Does it cover check-ups, specialist care, emergency room and hospital care, prescriptions, vision care, dental care, mental health care, substance abuse care? Does it protect you from major medical expenses?
  
  
• Find out exactly what the policy will and won’t pay for, including lifetime and per-incident maximum payments and limits for pre-existing conditions.
  
  
• Avoid policies that restrict coverage to one disease, such as cancer.
  
  
• Ensure the policy offers customers a window in which they can obtain a premium refund if they decide the plan doesn’t meet their needs.
  
  
• Ensure the plan-approved doctors and hospitals are convenient to access.
  

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