Like all types of insurance, health insurance is not something you wait to buy right before you get sick, rather it is protection in case of a medical crisis. Making the decisions to buy the right health insurance, what provider to get, which type (HMO vs PPO), what you can afford for a premium and/or deductible can all be difficult, whether its employer provided or individual.
Here are some tips for making the right decision for you and your family:
- Decide what your monthly budget allows for – while the biggest, most expensive, smallest deductible may seem the best option, it may not be the best choice for your personal budget. Check and see if you qualify for a tax credit through the exchange.
- Assess your needs: study your medical history, know what prescriptions you need regularly, and what kind of doctor visits you need to make and how often for you and your family . You might never actually ever be happy but you have to pick your poison, do you want a high premium and low deductibles or a low premium and lousy high deductibles? Also, be careful of new players in the market that your doctors don’t accept.
- Check if the company you are looking into is accepted by your preferred doctor(s).
- Compare your options, don’t take a play that has referrals if you think it’s a hassle
- Re-evaluate yearly based on health changes, budgetary needs, family size, etc.
Most importantly, Seek advice and professional help! We are here to help! Contact Kabco Benefits and let us help you find the health insurance policy that best suits your needs. If you are purchasing insurance through an employee, consult your HR department, financial advisor, and/or coworkers.