Choose Affordable Health Insurance Plans with 4 Easy Tips

With the rising healthcare cost, the necessity of having the right and affordable health insurance plans has been increasing day-by-day. If you have a comprehensive health plan, you can save you hard-earned money that otherwise you have to use to pay medical bills. Health insurance makes it possible to avail healthcare facility at in-network doctor clinics and hospitals. However, if you are worried about the monthly premium, you have plenty of options in terms of affordable and cheap health insurance plans. You just need to be a bit knowledgeable and keep your eyes open. 

4 Important Tips to obtain Affordable Healthcare Plans

1.    Compare the Plans on the basis of Metal Categories - There are four metal categories of health plans, Bronze, Silver, Gold, and Platinum. These categories show how healthcare costs is shared between you and our insurer. This categorization helps you to pick the right plan as per your income level.

2.    Compare the plans on the basis of network types - Do you know the terms POS, HMO, PPO, and EPO? These terms define the network types available to you with the chosen plans. For example, in HMO (Health Maintenance Organizations) plans, you have to stay within the networks to get coverage except in emergencies while in PPO (Preferred Provider Organization) it’s not mandatory to stay in-network to get coverage. Understand the suitable network types according to your current health condition, budget, you have fixed, and your professional obligations (like you may have to move in certain areas where network doctors are not available).

3.    Take your time to choose your deductibles - The deductible is the fixed amount that you need to pay for the healthcare expenses before your insurer pays for that same. High deductible reduces the cost of the plan and vice versa.

4.    Understand the difference between deductible, co-pay, and coinsurance - Deductible and co-pay are two different things. Understand the difference between these two terms and their application. Co-pay is the flat pay of the claim amount that you agree to pay while the insurer takes care of the rest. Insurer generally mentions the expenses that would come under the co-pay like prescription drugs or daily bed charge of the hospital. In case of coinsurance, instead of the fixed amounts you and insurer pay, a fixed percentage of the expense is distributed between you and insurer. Like deductible, co-pay or coinsurance also help to restrict the monthly premium. So, explore and choose wisely. 

     Keeping these 4 vital tips in mind, you can choose affordable health insurance plan meeting your healthcare needs taking care of your pocket.