Many people tend to focus on the premium when comparing health insurance plans. However, to find the most worthwhile plan, it’s essential to check the deductible and copay amounts as well. Keep reading to learn everything you need to know about how to find affordable health insurance.
Check Your Options in an Online Marketplace
One way to find affordable health insurance is to compare state and federal options in the online marketplace to find a government-funded option that works for you and your family.
You can also get health insurance through a private exchange or insurer. One of the best things about private plans is that they feature many customizable options. Most of them also have low to no deductibles and allow you to see your preferred doctors with preferred provider organization (PPO) plans.
Choose an Insurance Plan Type
Compare different types of insurance plans to decide which offers the most significant benefits for you and your family. Be sure to pay special attention to any regular necessary care you might need, such as specialist visits and prescription medications.
Health Maintenance Organization (HMO)
HMO plans require members to use the provider’s network when selecting a practitioner. A referral is typically needed for specialists and procedures. While an HMO plan might provide less freedom when choosing a provider, it offers lower out-of-pocket costs.
Preferred Provider Organization (PPO)
PPO plans allow members to choose out-of-network practitioners, but choosing in-network is less expensive. There’s no referral required for specialists and procedures. PPO plans offer more provider options but higher out-of-pocket costs.
Exclusive Provider Organization (EPO)
EPO plans require members to use in-network providers, except in the event of an emergency. This plan type typically does not require referrals for specialists and procedures. These plans offer lower out-of-pocket costs and don’t usually require referrals, but they come with less freedom to choose providers.
Point of Service Plan (POS)
POS plans allow members to choose out-of-network practitioners, but in-network is less expensive. A referral is required for specialists and procedures.
Consider Out-of-Pocket Costs
Another essential thing to consider when looking for affordable health insurance is the out-of-pocket costs associated with each plan. The summary of the benefits of the plan will outline these costs.
You’ll have to decide whether it would be most beneficial to have more health coverage and higher premiums or lower premiums and higher out-of-pocket costs.