Getting a Personal Health Insurance Plan? Here’s What You Should Know

Deciding what kind of health insurance to buy can be overwhelming, especially if you’re new to the process.

There are dozens of different plans with different benefits and monthly premiums, and choosing the right one can mean the difference between having all your health needs covered or falling short when you need it most. But by focusing on a few key things, you can make your decision much easier and ensure that you choose the right health insurance plan for your unique needs.

Health Insurance Terms

There are a lot of health insurance terms that can be confusing. Here’s a quick rundown of some of the most important ones:

  • Premium: This is the amount you pay for your health insurance every month.
  • Deductible: This is the amount you have to pay out-of-pocket before your insurance company starts paying for covered services.
  • Coinsurance: This is the percentage of covered medical costs that you have to pay after you’ve met your deductible.
  • Out-of-pocket maximum: This is the most you’ll have to pay out-of-pocket in a year, including your deductible and coinsurance. It should be noted that it does not include any premiums you might owe.

Individual vs. Group Coverage

Choosing between individual and group health insurance plans can be a tough decision. There are pros and cons to both types of coverage. Group insurance is cheaper but it doesn’t offer as many benefits as individual insurance does.

What’s important to you? If you’re looking for additional benefits, like dental or vision, then consider an individual plan. However, if you want more affordable rates, then a group plan may be best option for you.

To know more about the difference between individual and group benefits, refer to our detailed blog: Should You Have an Individual Health Insurance Plan Along With Your Workplace Group Plan?

Determining Your Needs

When it comes to health insurance, there are a lot of factors to consider. Here are a few tips on how to compare plans and choose the right one for you and your family.

  1. First, decide what type of coverage you need. Do you need a plan that covers just you, or do you need family coverage?
  2. Next, consider your budget. How much can you afford to spend on premiums each month?
  3. Once you’ve decided on the type of coverage you need and your budget, start looking at plans that fit those criteria.
  4. Compare the deductibles, copayments, and coinsurance of each plan. What works best for your needs?
  5. And then finally, shop around. Always remember to talk to a financial advisor to get the best plan at the highest value for your money.

How to get health insurance

It is always advisable to talk to an experienced financial advisor while purchasing your first health insurance plan. Get in touch with our experienced health insurance advisor for a quick quote.

Also, make sure you read about the following plans while shopping around: