If you are in need of an individual health insurance policy then you will quickly find that choosing the right health insurance policy can be difficult and it can seem like an overwhelming process. However, when it comes to choosing your new individual health insurance policy, if you try to stay calm and focus on choosing the right health insurance policy, you will likely be far more successful in your efforts. Make sure you take the time to truly compare your options and follow a few simple steps and you are sure to end up with the right individual health insurance policy for you.
Step One: Consider the Type of Plan You Want
Take the time to think about what you want your individual health insurance plan to do for you. There are typically two different types of plans. There are traditional plans that include office and prescription co-pays and that may major medical deductibles in place to cover your larger expenses. There are also non-traditional plans. These will have higher deductible payments that you will make until you reach a certain mark; then your plan will pay 100%.
Step Two: Look at Your Financial Situation
Take a look at how much you are comfortable paying each year towards your deductible. This is how much you will have to pay until your insurance will pay for the rest. Once you have decided how much you want to pay out of pocket, make sure you are firm with that number.
Step Three: Think About Co-pays and Co-insurance
You will want to decide how much your co-pays will be, which include a part of the overall cost of your doctor’s visits. Typically people will have co-pays that range from $15-$45 a visit. You will want to think about co-insurance rates as well. The average co-insurance amount is 80/20.
Step Four: Pay Attention Out-Of-Pocket Maximums
Every individual health insurance plan will have a maximum listed. Once you reach that maximum; your insurance will cover everything else. Always look at the the out-of-pocket maximum before deciding on a policy.
Step Five: Making Your Decision
The decision on your individual Health Insurance plan is always up to you and it largely depends on your individual health. If you are not in the best health, you can choose a plan that costs you the lowest amount out of pocket every year. If you are in good health, typically a plan with the lowest premiums is in your best interest. Make sure when you choose a deductible with your plan you will be able to cover the deductible every year in the worst care scenarios. If you do then you will end up choosing a plan that fits your needs.
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