Major Tips to Know When Picking a Health Insurance Plan

August 06, 2020
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You want to buy health insurance to protect yourself and your family, but it can be a difficult process to choose the right plan. That’s why we have narrowed down three important tips to keep in mind before you start comparing plans.

1. Don’t just select the plan with the lowest premium!

Most people may be tempted to stop shopping for a new health plan the moment they find one with the lowest monthly "premium" (this is a payment you have to make to your insurance company even if you don’t go to the doctor that month). This might be a huge mistake! Before we explain why, you have to get familiar with two key terms: deductibles and out-of-pocket costs .

A "deductible" is the amount you will be paying for covered health care services before your plan starts to pay. This and any other payment that you have to make (such as copayment) for covered and uncovered services are called "out-of-pocket costs."

This is why it may not be the best idea to choose a plan with the lowest monthly premium. The cheapest premium plan may also have higher deductibles! If you have to use medical services often or use prescription drugs on an ongoing basis, then choosing a plan with a more affordable deductible, but with a slightly higher premium, might be a smarter choice for your budget. If the premiums still bother you, then it may be helpful to know that short-term plans tend to be cheaper than major medical plans. They are best suited as a temporary solution for when you have no coverage – such as the millions of Americans who have recently lost their employer-based health insurance coverage due to unemployment from COVID-19.

CoverPlusHealth provides an online platform for access to free health insurance quotes and offers multiple carriers to meet your short-term health insurance purchasing needs. You can check out the ideas we discussed (premiums, deductibles, and out-of-pocket costs) when running your free quotes.

Healthy people will benefit the most from short-term health plan’s low premiums. The length of the coverage period can range from 30 days to 12 months, and it is renewable.

It is important to note that short-term health coverage is not required to cover minimum health benefits such as mental health care, pregnancy and maternal care, or preventative services. They also do not cover pre-existing conditions.

2. Make sure to report life changing events!

If you received your health coverage through the marketplace, and you recently experienced a change in your household or income, as millions of Americans have due to the coronavirus pandemic, then please take time to update your application. You may qualify for a Special Enrollment Period that will allows Americans to enroll in or change their 2020 coverage plans outside of the 2020 Open Enrollment Period.

Your life changing events may also qualify you for certain savings and coverage options. So if you have lost your insurance due to unemployment or other life changing events, then quickly take advantage of the Special Enrollment period otherwise you will have to wait until the 2021 Open Enrollment Period, which lasts from Sunday, November 1st to Tuesday, December 15th, 2020, to enroll in an Affordable Care Act (ACA) plan.

3. Consider your plan’s network!

When purchasing or renewing your health insurance plan, make sure to double check that the doctors you want to visit are included in the your policy’s network of physicians. This might be a simple tip, but you would be surprised at the number of people who purchase a new plan only to find out that they will not be able to make use of it with their current, primary doctor. Keep in mind that if you are purchasing an HMO (health maintenance organization) policy then you might have access to a very limited network. PPO (preferred provider organization) policies tend to have higher monthly premiums, but you also have greater flexibility when it comes to choosing providers both in and out of your network.

Hopefully, these three tips will make you more equipped to pick the right health insurance plan to better safeguard you and your loved ones. Take advantage of CoverPlusHealth’s online platform to receive a free quote and get covered right now.

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