Guide to Insurance, Part 3: Shopping for Health Insurance
We understand the frustration when it comes to shopping for health insurance. It can be tempting to just auto-renew your current plan and not explore your options. However, when it comes to your health, the last thing you want to worry about is the cost of keeping yourself healthy. So do the research upfront to make sure you are getting the most value for your money. Here are a few tips to help make the health insurance shopping process a little less complicated.
Tips to Maneuver the Health Insurance Marketplace
Read up on common insurance terms and types of plans We’ve made this easy for you. Before you start researching health plans, click here to learn frequently-used insurance terms and here to read on common types of plans you may encounter.
Know your network If you have a physician you’ve been going to for years and plan on sticking with, check your health plan’s network. Make sure your physician is in-network so you can continue to see your preferred physician.
Pay attention to your deductibles Often times, the lower your premium, the higher your deductible, but be careful of this. Do not commit to a deductible that is far too high for you to manage. It is better to be prepared for the worst than it is to find yourself unprepared in a difficult situation. Focus on finding a well-rounded plan instead of the plan with the lowest premium.
Do not auto-renew your plan From year to year, health plans change and so do our situations. It is worth investing time into exploring a new health plan every year. Most plans renew automatically so make sure to let your insurance company know not to do this. Even if you decide to stick to the same plan, you’ll feel assured knowing you did your homework in trying to find the best option.
Use Health Insurance Plan Rankings The National Committee for Quality Assurance has provided a service that allows you to compare different plans in their overall score and treating common conditions. Take advantage of this service by comparing your current health plan to other plans on the market.