Comparing Health Insurance Quotes
The process of comparing health insurance quotes can be a bit tedious, but is necessary when obtaining coverage. You dont want to overlook any details that could have saved you money, or features that you really could use.
So if you’re in the process of seeking plans now, it’s good to learn the basics of comparing health insurance quotes so that you can find the best plan for you and your family.
Understand Various Plan Types
When comparing health insurance quotes, it’s good to have an understanding of the types of plans that are out there and which might be better for you financially, as well as service-wise. This can help you narrow your options much faster.
- HMO HMO is also known as the Health Maintenance Organization and offers plans that are usually more affordable (cheap co-pays, no deductibles, affordable monthly payments) because it comes with limitations. For instance, while you are allowed to choose your primary care physician, you cant choose specialists. Also, some services will be limited or eliminated from your list of options.
- PPO PPO is the Preferred Provider Organization. It offers freedom to choose your physicians and provides greater service options, making the process of obtaining coverage more desirable. However, there will be a deductible and your monthly premiums will be higher. This is the trade-off for better options and no co-pay.
- POS POS is also known as Point of Service, and is a blend of the HMO and PPO. With this type of plan, you can choose your physicians and take advantage of lower premiums and co-pays. If you dont need tons of services, but still want some flexibility, this is a good plan to consider.
Understand Payment Types
Another factor that you may want to consider when comparing health insurance quotes is how making payments work.
- Deductible The deductible is a dollar amount that you pay on your own each year before your plan will make payments for any claims. Usually, deductibles enter into the thousands, so take this into consideration before agreeing to this aspect of your plan.
- Co-Pay This is the amount you are required to pay with each office visit, or prescription pickup. Often times, if your co-pay is higher, your monthly premium may be lower, and vice versa.
Taking time to understand the basics of the plan and payment types can make comparing health insurance quotes much simpler. But youre not done yet. Obtaining coverage that truly suits your life requires even more research.