In this guest post from Amy Galliano of AEG Insurance, you’ll learn key strategies you should consider when choosing the best health insurance plan for you.
When I tell people at a party that I sell health insurance, I tend to get that “cringe face.” It is their way of saying that it is not a fun purchase. And I get it. Navigating the world of health insurance can be tricky. But in the almost 20 years of selling health insurance, I recommend 6 strategies that assist with purchasing health insurance for you or your family. These 6 strategies can help you make this complicated adulting decision with ease.
1. Start reviewing health insurance plans as early as possible
My advice for anyone starting this process for the first time or looking to change their health plan is to start your research early. Choosing health insurance is overwhelming. So give yourself time to compare coverage and pricing. If you ask any of my clients, they will tell you that I usually suggest that they sleep on their options for a day or two if possible. That way you can give yourself time to digest the information and make a clearheaded decision with all the information available. Feeling confident in this decision makes it easier.
2. Research the doctor network before purchasing a plan
I had a client who that started getting very large invoices from his doctor’s office for a procedure that he was assured to be covered by his insurance. The procedure was covered. However, the issue was that the doctor was out of the network on his chosen plan. The client said he had no idea that this was the case. He had purchased the plan due to lower premiums when compared to other options.
Premiums are dependent on many things that include the access to doctors for care. The good news is that most carriers make it very easy to explore their network. I recommend you take a little time to review these networks.
Of course, if you are working with an agent, you can request that they look into that for you and report back with their findings.
3. Review your insurance’s prescription drug coverage
We all know that prescription drugs are often very expensive. In regards to health insurance, you should focus on 2 main concerns. Specifically, are your prescriptions covered by the plan under review and, if so, how are they covered?
Some plans offer a copayment. Others have prescription drug cost contribute towards a deductible. Further, a brand name prescription can cost more than a more common generic option and require prior approval before being filled. This is important to note especially for drugs that you take regularly.
I also suggest reviewing for commonly used but not chronic prescriptions. Before the end of each year, at least one person in my household will be prescribed a Z pack so I always check for the those “save the day” drugs as well.
4. Anticipate life changes and account for those in your plan
You should also take your life circumstances and any anticipated changes into account when choosing the right health insurance plan for you and your family. Are you planning to have a baby or pregnant already? Will you have surgery or a procedure during the plan year? Do you have access to coverage through your employer or spouse’s?
It can be hard to predict when we will need to use our health insurance especially for major reasons but assessing what may be happening during the plan year of the policy under consideration helps when choosing a plan.
5. Assess supplementary benefits covered by your health insurance
Nowadays, many health insurance plans offer coverage for things like acupuncture, physical therapy, and even massage! These preventive services can be a boon for many people, especially those who are very active or have chronic injuries. Review your health insurance plan to make sure you have the coverage you want and need for these services.
6. Consider health needs outside of your health insurance plan
Finally, make sure to consider other health needs not addressed by your health insurance. Maybe you need an accident policies for active children. Dental and vision are very popular options since many health insurance plans do not provide that coverage to adults. With prescription drug costs a consideration for many, an additional membership that address these specific concerns can be helpful. I use RX Care America for these needs. But remember, it is important to weigh the additional premium costs for these plans before enrolling.
While this can be overwhelming, remember that all coverage with the Affordable Care Act provides wellness benefits like mammograms, well visits for children and immunizations. So no need to delay scheduling those important visits that keep us healthy.
Final Thoughts
No one puts purchasing health insurance on the top of the list of things they want to do but it is an important product that can assist with wellness, access to healthcare and financial stability. While my goal is the simplify the process for my clients, avoiding these basic mistakes can go far to making a confident decision on your specific needs.
If you enjoyed this article, please consider liking, subscribing or sharing with others! For related posts, check out Department of Adulting’s articles on why and when to consider life insurance, boosting fertility in your 30s and 40s, and investing for retirement.
About the Author
Hi, my name is Amy. I am a Mom and wife, yogi, baker and insurance broker with a Master degree in education. September is Life Insurance Awareness month. I like to use this time to educate readers about the importance of life insurance to their financial security . You can find my writing on this topic and many more on my blog. You can also follow me on Facebook or Instagram.
Nice!
This is really helpful! In the UK health insurance isn’t as common as in other countries, but this is a great post to help those who do need it/ever want to look into it!
Thanks Katherine. I have a client who is from the UK. She said understanding these plans is way more difficult than she expected.
Lots of hepul information here about health insurance to make it easier to choose a plan.
Glad that you found it helpful.
Great tips! When I found a Doctor’s office I really liked, I made sure to research my insurance options that this office was in the plan.
Smart. So many clients skip that step and it is so important. Thank you.
Health insurance in the US is somewhat of a necessary evil. The temptation is often to buy too much insurance because you’re afraid of “what if’s” or to buy too little because the rates are so astronomical. It’s quite a balancing act.
Consider your health, your comfort level with higher deductibles and co-pay, and take a good look at maximum out of pocket threshold. Be sure to compare apples to apples when comparing plans.
Yes, all very true points!