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Tips for shopping health insurance during open enrollment
Coverage Limits
Health insurance is their to protect you financially in the worst situations. You want to make sure your private health insurance has coverage that has a high enough limit that you will be covered in any situation. You want to check the yearly limit and lifetime limits on any policy you are considering.
Type of plan
Have you ever wondered what HMO, EPO or PPO mean?
HMO require you to see providers in network and typically have a limited network area based on zip code. The monthly premiums can be lower but if you ever need to travel to a specialist or hospital outside your network, you may not be covered. PPO give you the option to see any doctor, in or out of network, but you do get a larger discounted rate with in network providers. EPO is a hybrid plan that will allow you to see out of network doctors in certain situations. Knowing the difference is vital to making sure you pick the right plan, especially if you are looking for family health insurance in which you'll have multiple different doctors.
Provider Network
It is important to check each network provider directory to make any doctors and facilities you want to keep are in network. The larger the provider, the more options you will have. If you don't, you may end up having to change doctors or pay higher out of pocket costs.
Benefits
Knowing what is important to you and your family before signing up for a plan is important. Family health insurance may focus more on coverage for wellness and sick visits, whereas individual health insurance may just want to make sure major medical is covered. Having an idea of this can help you to plan for additional cost outside of your monthly premium. It may be worth spending a little more monthly to reduce higher out of pocket costs.
Total Cost
As the cost of healthcare rises it is imperative to keep budget in mind when you make your final decision on a health care plan. Figuring out how much you will spend per month and per year after premiums and out of pocket costs can be a difficult but necessary task. Working with a licensed agent that can educate you and guide you in the right direction can take the away much of the stress of making your final decision.