Looking for the right health insurance can be a hassle. With countless seemingly identical offers from different providers, the sheer amount of options can be confusing. Since healthcare costs are the most common reason for bankruptcy, you can’t afford mistakes when it comes to healthcare insurance.
Thankfully, there are ways to evaluate different insurance plans. In this article, we are looking into some great health insurance tips and strategies to make sure you get the right coverage for you and your loved ones. Read on to learn how to get the most out of your healthcare provider.
Evaluate Your Healthcare Needs
Until fairly recently, it was difficult to understand coverage levels. Thanks to Obamacare and the Affordable Care Act (ACA), today it’s easier to browse insurance plans. ACA categorizes insurance plans into four levels, known as metal ranking. The ranks are:
- Bronze: 56-65%
- Silver: 66-72%
- Gold: 76-82%
- Platinum: 86-92%
With the above percentages indicating how much of the total cost an insurance plan covers. For example, a bronze tier plan will cover up to 60% of all medical costs, while a platinum plan may cover as much as 92%.
So, if you expect you and your family to require a lot of medical services, then it’s preferable to choose a gold or platinum tier plan. These plans come with higher premiums but might save you significantly more than a bronze plan in the long run.
Note that regardless of tier, all ACA plans have an out-of-pocket maximum limit, to protect you from exorbitant medical costs.
Check In-Network Providers and Overall Customer Service
Do you have a preferred doctor or medical center? If so, you should make sure they are included in the in-network providers of the insurance policy you choose. For example, if you are already receiving treatment from an ENT doctor, you should make sure your new insurance covers the costs. Otherwise, you might have to switch doctors.
Just ask insurance companies for a list of their in-network providers. You can then compare the lists and find the one that includes more doctors you trust. Location is also key, so you should make sure their in-network providers are within a convenient distance from where you live.
Healthcare Insurance Brokers
Finally, you don’t have to navigate the world of healthcare insurance alone. A healthcare insurance broker can help you find the right plan for you and your family. These licensed professionals take a small fee to educate consumers and point them towards the best healthcare insurance plans for their individual needs.
Your healthcare insurance broker will also identify tax credits and other benefits you might be eligible for, as well as finding the right insurance for you.
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