Tips for Comparing Health Insurance Plans

Tips for Comparing Health Insurance Plans

Comparing health insurance is a great way to ensure you choose a plan that accommodates your wants and needs.

Health insurance plans are not a one-size-fits-all ordeal. For example, a person with a critical illness will choose a healthcare plan differently than someone who doesn’t have an underlying health condition. Parents might choose a different insurance policy compared to someone single. Age is also a factor in the price of healthcare costs. Follow these helpful tips to compare health insurance plans.

Review What You Like and Dislike About Health Insurance Plans

Besides excellent pay and company culture, the benefits package influences whether new hires come on and whether tenured employees stay. We encourage you to consider how much your policy costs and examine the provider networks by looking at the insurer’s member portal. There isn’t anything wrong with changing your mind if your current healthcare plan no longer benefits you. If you firmly believe you don’t have a comprehensive healthcare plan, you should voice this to your employer. 

A few investigations include

  • Downloading your claims from the past year to see your expenses
  • Knowing your deductible and monthly premium
  • Understanding when you do or don’t have to pay a copay and how much it costs
  • Knowing if your plan is compatible with a Health Savings Account (HSA)

Questions You Should Ask Yourself are

  • Is a referral required for me to see a specialist?
  • Is preventative care covered?
  • If I want to see any doctor, am I covered? 
  • Are my medications covered? 

Compare HMO Vs. PPO Vs. EPO Plans

An HMO plan provides lower premiums. However, there will be no coverage outside the provider’s network unless there is an emergency. Also, an HMO plan requires a referral to see a specialist. Typically, you won’t need referrals to see a specialist. A PPO plan also comes equipped with a provider network. However, if you decide to see an out-of-network provider, the insurer will cover a percentage of the costs. An EPO is a hybrid of an HMO and PPO plan where you can see doctors within the network except for emergency care. With an EPO, you also don’t have to choose a Primary Care Physician, nor do you need a referral for a specialist. 

Prepare for Future Medical Costs and Needs

An event such as childbirth or an upcoming surgery makes it necessary to know your medical costs. You can estimate the cost of services you’ll need by consulting your current insurer’s estimator. Such tools provide estimates for procedures for different providers and can help you have a starting point for future medical costs. 

Compare Various Network Plans

A rule of thumb is that you will save money if you choose doctors within the network. A health insurance company has a lower contract rate with specific providers. It’s worth going to the portal and researching if you’d be happy with the providers listed. If not, it’s best to investigate how much out-of-network providers will cost you and if there is any coverage for them. 

Partner with Malden Solutions Today

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Friday, April 1st, 2022 at 1:30 pm. Both comments and pings are currently closed.