Picking medical coverage can be confusing. With so much medical and legal lingo thrown in and the idea of planning for the unknown, choosing a medical plan often leaves people feeling frustrated. If your employer offers medical coverage through your work, taking this option may be best for you, especially if there are multiple medical plans you can choose from to better customize your coverage. So if you’re in need of help in this area, here are three tips for picking the best employer-provided medical plan for you.
The Type of Plan
In today’s medical and insurance community, there are a couple different types of plans you can choose from. The correct choice for you will depend on your own individual medical and financial needs. Lacie Glover, a contributor to NerdWallet.com, shares that the most common insurance plan types are HMO, meaning Health Maintenance Organization, and PPO, meaning Preferred Provider Network. With an HMO, you have to choose a doctor in your network and get referrals before you can see a specialist but have a lower general cost. With a PPO, you may not have to see an in-network provider or need a referral for a specialist but may be paying more. Based on your own preference, you should be able to tell which option will work best for you.
Your Necessary Scope of Coverage
Also important when choosing medical insurance is the type of coverage you need and will get through your insurance. Steve Sternberg, a contributor to U.S. News and World Report, writes that most people want coverage that includes things like drug prescriptions, emergency care, hospital care, mental health, substance abuse assistance, maternity, and pediatrics. You should be able to see what type of care is covered by different insurances and at what rate before you choose one to subscribe to. Make sure the needs you anticipate having for the next year are covered at a rate you’re comfortable with before you pick an insurance plan to go with.
Your Financial And Physical Health
A big consideration for many people is the cost of the plan in relation to their physical needs. Different types of plans will have different financial obligations that may or may not sound good to you. Kara Brandeisky, a contributor to Time.com, recommends that if you don’t need much medical help, you may choose a high-deductible and low monthly payment for your plan. However, if you frequently seek medical attention, it may be worth it to pay a higher monthly cost to pay a lower amount overall throughout the course of the year. Weigh your physical health against your financial health to decide how you’d best like the financial aspect of your plan to be set up.
If you feel lost about how to pick the best insurance plan for you and your family, use the tips mentioned above to help you do just that.