Hello World! Welcome Friends! Are you looking for a new health insurance plan? Confused about what to look for when changing plans? Read on to learn about the different options available for health insurance in Massachusetts so you can decide what works best for you.
Photo by Derek Finch on Unsplash
1. Review Out-of-Pocket Expenses
Every plan has some costs associated with it. One type of expense is the deductible. A deductible is the amount of money you pay for services before the insurance plan pays. There is a wide range of deductibles levels, from thousands of dollars to nothing, so you can find a plan that will help you make informed financial decisions for your family. Fortunately, most routine care and preventative health screenings are covered completely, even if you have a deductible.
Additional costs to be prepared for are copays and coinsurance. These are fees you pay after you have met the deductible. Copays are a set amount you pay directly to the medical provider at the time of service. Coinsurance works similarly, but the payment is based on a percentage of the total fee charged by the doctor. Most plans also have a maximum annual expense, which means once you pay that amount in a calendar year, the insurance covers everything 100%.
2. Look for a Policy That Offers a Health Savings Account
A health savings account, called an HSA plan, is a way to put money aside to cover medical expenses. This money is deducted before taxes, which keeps it tax-free. These savings plans are an excellent option for people with high deductible policies because of the cost reduction. There are annual maximums for individuals and families, and some employers provide incentive plans which add to these savings.
3. Be Aware of the Plan Network
Most insurance companies work with a limited set of doctors. These medical providers are part of a network that the insurance company covers. If you have a doctor you like or want to stick with doctors close to your area, review the network requirements of the plan. Doctors that aren’t in the network are considered out-of-network. Most insurances still cover a lesser portion of the care you receive from these doctors, so don’t be surprised by a larger bill.
4. Consider the Prescription Drug Benefits
No matter which type of health plan you choose, each one provides coverage for medication. However, most drugs are categorized into different tiers based on the cost of the product. Insurance plans require different levels of copays for each of these tiers. If you have a lot of prescriptions, review the tier level for your medications and estimate what your monthly cost would be. Occasionally, medications require preauthorization from the insurance company, so review that list of requirements to avoid being surprised and run out of medication before gaining approval. Some insurance carriers offer a discount with a mail program, where 90 days of medication are mailed to your home for a lower price than what it costs for three individual copays. This is a very convenient way to save money, and you can use funds from your HSA to pay for them.
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Toodles,
Hello Kathryn Griffin, Thank You for sharing very important information in your article. These 4 things are the main point of health insurance plans. Everyone will be benefited to read that.
I followed all the tips you shared, and I must say that it’s a convenient and helpful insurance plan to prepare myself before taking health insurance. Thanks.