Cheap Insurance and Affordable Insurance are not the same. Cheap means low priced where Affordable means reasonably priced (promising a quality product). Today, we will discuss how to find an affordable insurance plan by learning the basics elements.
Visit the Marketplace
Most companies offer health insurance to their employees. In such cases, the individual doesn’t need Government Insurance Exchange or Marketplace because their workplace has become their insurance marketplace now. These plans are more affordable as compared to the marketplace.
The Company pays a portion of the insurance premium; this makes the health plan more affordable for employees. If your company doesn’t offer health insurance, shop the marketplace and find an affordable plan.
Compare Different Insurance Plans
There are four basic insurance plans. These are:
HMO- Health Maintenance Organization
It is an affordable plan, and the Primary Physician oversees your healthcare by ordering tests and working with specialists. They will need a referral, and you must stay in-network for coverage, except for emergencies.
PPO- Preferred Provider Organization
Preferred Provider Organization is beneficial as it offers more options with no references. Plus, you don’t have to stay in network. These plans are usually cheap.
EPO- Exclusive Provider Organization
These plans have a low out of pocket cost and don’t need any referrals. You need to stay in the network, except for Emergencies.
POS- Point of Service Plan
You don’t need to stay in Network and need a referral to get out. You need flexible options and a primary doctor who will coordinate your care and tests.
When you compare these plans, consider expenses and your family’s medical history. You can’t predict every medical expenditure, but be aware of the trends to make a well-informed decision. A plan that uses referral needs you to see physical signs before scheduling a medical procedure or visiting a specialist.
POS and HMO plans are convenient as Your Primary Doctor chooses a health specialist for you. You contribute less as your doctor handles your medical records. If you want control over your doctors, then choose a PPO or EPO Plan.
EPO is affordable if you find a provider in the network. PPO is designed for remote areas with limited access to doctors and allows you to go out of network.
Compare Different Health Plan Networks
In-Network Doctors are affordable because The Insurance Company hires them on contract and makes sure they offer affordable care in the network. Therefore, going to out of network doctors or professionals cost you more.
Private Health – iSelect doesn’t accommodate preferred doctors. Therefore, if you have a preferred doctor and you want to see him, make sure they are in your insurance provider’s directories before paying for a plan. You can also ask the doctor if they are involved in a health plan with an insurance provider.
If you don’t have a preferred doctor, then you should look for a plan with a more extensive network. It provides you with more choices and is very helpful if you live in a rural area. An extensive system promises you will find a capable doctor nearby who works with the insurance plan.