How to Compare Individual Health Insurance Plans
Choosing a health insurance plan can be confusing. There are different types of plans, with some limiting your physician choice to only those within the network of providers. Cost varies with each type of plan as well as coverage. Knowing what to compare when choosing an individual health insurance plan will make the process easier.
How to Compare Individual Health Insurance Plans
- Learn about the different types of health insurance plans. There are different types of plans which include, the health maintenance organization (HMO), a preferred provider plan (PPO) and a point of service plan (POS). Each plan has different rules and guidelines for coverage. HMO plans require that all doctors and hospitals be a member of the HMO network you choose.
- Compare the different co-pays and out of pocket expenses for each plan. Typically each insurance plan will have a maximum amount that the insured will have to pay for hospital stays and co-payments per occurrence or per year.
- Compare wellness incentives. Healthcare companies are now paying for wellness education classes, smoking cessation and even fitness center memberships. This is part of disease prevention that helps reduce costs for the insurance provider as well as keeping its clients healthier.
- Compare alternative medicine coverage for each provider. Alternative medicine, such as acupuncture or chiropractic medicine has become increasing more popular. Some insurance companies offer coverage for these types of treatments while others do not.
- Look through the list of providers for each company. If you currently have a physician that you would like continue seeing, be sure the physician is on the list of providers for the company you are considering. It is also a good idea to see how many physicians are located in your area under each policy.
- If you have a pre-existing condition you will need to check to see the rules regarding coverage. Some plans do not cover certain ailments while others have a 6 to 12 month waiting period.
- Compare premium costs for each policy. Determine if the cost is valid by considering how many times per year you visit a physician, if you have a pre-existing condition and how many prescriptions you take on a regular basis.