In 2018, the average American spent nearly $5,000 per person on health care. That’s not a small bill, which explains why an estimated 44 million Americans are uninsured.
There are different factors to consider when selecting a suitable healthcare plan. Medical coverage isn’t cheap, but choosing a plan that fits your needs and lifestyle can make healthcare more affordable.
Are you wondering how to select the best health insurance for your family? Keep reading to learn more about the various medical plans and how to choose the right one.
Learn About the Best Health Insurance Plans
To select the best health care plan for your family, first familiarize yourself with the different options available.
Choose from HMOs, HDHPs, and POS policies. If you’ve recently lost your job, health care coverage is still possible through COBRA.
Health Maintenance Organization Plans (HMOs)
HMOs feature a network of primary providers who are responsible for your medical needs. The plans include a limited network of healthcare providers so users can enjoy low costs and premiums.
The downside to HMOs is they usually don’t cover specialized treatments. To visit these types of doctors, you will need to get a referral from your primary care physician.
High Deductible Health Plans (HDHPs)
HDHP policies require people to pay the deductible before covering a service. This makes HDHPs much cheaper than other healthcare plans.
Families using HDHP plans usually have a health savings account (HSA). HSAs act as a bank account specifically for covering medical expenses. HSAs can save you from paying extra taxes on your medical bills, making healthcare coverage more affordable.
Point of Service Plans (POS)
POS medical insurance offers more flexibility than other healthcare plans.
POS policies cover in-network providers as well as out-of-network physicians. However, there may be higher costs associated with visiting specialists outside of your network. You may need to pay the provider directly and then file for reimbursement with your POS agency.
COBRA Health Insurance
The Consolidation Omnibus Budget Reconciliation Act (COBRA) provides health insurance to those who have lost their jobs. The program allows eligible employees and their families to keep receiving health coverage despite being unemployed.
A family can receive COBRA health insurance for 18 to 36 months, depending on the situation. Every employer with more than 20 full-time workers must offer COBRA coverage.
Normally, an employer covers a significant portion of an employee’s healthcare. However, with COBRA, the individual is responsible for paying the entire cost of the insurance. Therefore, COBRA health insurance quotes might seem higher than what a person is used to.
Compare Health Insurance Plans
Now that you know about the various healthcare options available determine the best medical insurance for your family by comparing each of the plans.
Consider your family’s individual needs and budget when selecting a healthcare policy. For example, if your children require specialized medical treatment, an HMO may not be the most economical plan.
Don’t be afraid to ask other families what they recommend or read health insurance reviews online. Gather information about different plan options from your employer and compare the costs. Keep in mind that if a health insurance policy seems too good to be true, then it probably is.
Stay Updated on the Latest Healthcare News
Selecting the best health insurance for your family can be tricky. Take your time, explore all of your options, consider your budget, and make the most suitable choice. If you’re recently unemployed, turn to the COBRA program for medical coverage.
Healthcare in the US is always changing, so stay up-to-date. Follow our healthcare blog for all of the latest medical news.