Step by Step Guide to Choosing a Family Health Insurance

  • Home
  • Step by Step Guide to Choosing a Family Health Insurance

Step 1: Figure out your health plan market


When getting ready for signing up for a health insurance plan, always check out what’s available in market. This will help you to understand what services or packages are available. Once you are sure with the market trend, resultantly you’ll have a fair idea of what options you have. This can also provide you with information that suits your requirement and taste. Do note down a summary of all that you can find out from the market. Remember to keep your requirements in your mind while you study the available plans. As a result, you’ll look for policies according to your needs.


Step 2: Calculate types of health insurance plans available

Once done with studying the available plans, next step is to shortlist. The most appropriate plan has two attributes, one it saves you good money and second it gives you mental peace. Keeping these facts in mind choose at least five insurance plans that best suits your needs. It is ideal to calculate your normal savings prior to signing up. Amount of money you can save usually is worthless in your vault, but can payoff in shape of insurance subscription.


Step 3: Check health plan networks thoroughly


One key step to figure out the effectiveness of your plan is to compare your shortlisted plan with another company. You may easily list out your requirements to a company and get a free quote. This will help you understand more of your cost on insurance. Also it can verify your calculations or assumptions that you’ve personally calculated. Also lookout for govt. offered plans and your eligibility in your area. If you’re eligible, apply for the govt. offered plan as it is cheapest in terms of cost and remotely claimable.


Step 4: See out-of-pocket costs


Your pocket costs are nearly as important as the network available. Each policy you view must completely list out your contribution out of pocket. For a quick guideline on this you may also call our insurance agent. Next part is where it’s useful to know health insurance vocabulary words. As the consumer, your contribution of costs consists of a deductible, copayments & coinsurance. The total you can spend from your pocket is limited in a year, and that out of your pocket max. is also listed in your plan details. In summary, the lower your premium value, higher will be your out-of-pocket paying. Your target in this step is to shorten down choices based on out-of-pocket paying. A plan that pays a higher portion of your medical bills, but has higher monthly premiums, can be best if:

  • You see a general physician or an expert frequently.
  • You frequently need emergency care for yourself.
  • You consume costly or branded medications regularly.
  • You are going through maternity, or have little children.
  • You are to undergo a planned surgery.
  • You’ve been diagnosed with diabetes or cancer.
  • You are unable to afford higher monthly premium plan with lower out-of-pocket costs.


Step 5: Compare benefits


As you shortlisted premium plans from different companies earlier, you must also compare its end benefits for every possible solution like:

  • what are the odds of not being able to pay on time?
  • How remotely will my insurance cover me domestically and internationally?
  • What are regular medical checkups that I can get every month?
  • What are the benefits I can earn while paying on time and having good credit score?


Step 6: Choosing a health insurance plan:


Here’s a quick summary of what we discussed in the above topics:

  1. Visit your market and view your plan options from different companies’ side by side.
  2. Look for eligibility from armed forces and government offered plans.
  3. Leave aside the plans which do not fit in with your local medical institutions and doctors.
  4. Figure out whether you want more health coverage and more benefits, or lower premiums and
  5. Make sure any of the plans you opt for will pay up your regular and necessary care, like prescriptions and specialists consultation.
  6. Consider your perks and privileges if paying on time is your achievement.
  7. Be sure to question your agent for coverage in case of travelling domestically or internationally.