It can be extremely difficult to select the right healthcare plan for you and your family. There are so many things to take into consideration the entire process can get really overwhelming.
First you need to consider things like finding a good physician or doctor, choosing the right healthcare centers with modern facilities and then evaluating your costs.
The majority of people only need healthcare a few times each year, but there are others that require medical attention more frequently. Of course everyone’s needs can change instantly, who hasn’t dealt with some type of unexpected health issue at some point or other?
For these reasons you need to have the foresight to look into your healthcare needs before actually needing them. The best way to manage this is to look for the correct type of health insurance coverage. Having healthcare insurance, while expensive, will usually be cheaper in the long run should you need medical care over the long term.
It isn’t always easy to figure out what the right health insurance plan is for you and your family. Your first step is to know that currently most insurance companies offer 4 different types of healthcare insurance.
These are classified as bronze, silver, gold and platinum plans. All of these plans meet the criteria for essential health benefits and will cover you for things such as:
- Maternity care
- Preventive care
- Prescription drugs
- Emergency services
- Hospital stays
- Treatment of chronic ailments
- Physical and occupational therapies
- Addiction treatments
So the next logical question is how do these plans differ from each other? They differ by certain features, we will discuss these below.
Premiums – this is the monthly payment you will have to meet whether or not you actually receive any healthcare. Your premiums will vary depending on whether or not you smoke, your age, where you live and how many people your insurance is covering.
Deductible – this is the amount that you have to pay out of your own pocket before the insurance company takes over.
Copayment – this is normally a fixed rate that you pay as you receive benefits or medical care. This amount will be different depending upon the type of care you are receiving.
Coinsurance – this refers to your share of your medical care expenses and is usually a fixed amount.
Out of Pocket Maximum – this will be the highest amount you will need to pay before your health insurance plan covers the rest of your bills. This amount is normally rated over a one year period.
You should now have a better understanding of what your healthcare insurance plans offer. Use this information to select the right plan for your needs.