Stanley Chen, CFP®
Founder and Financial Advisor
Investment Adviser Representative
Securities Registrations: Series 7,6,63,66
Insurance Licenses: Life, Health, Property and Casualty
Buying Health Insurance: How to Choose the Right Plan
The right plan coverage depends on your individual needs.
Here are five quick check points are a good starting on choosing the right plan.
What to Consider
What it Means
How to Decide
The amount you pay before your health plan covers costs for medical services.
If you're likely to have surgery or a lot of medical care expenses, you may want a lower deductible, which is the amount you pay before your health plan covers costs.
The hospitals, health care providers and labs that insurance company has negotiated lower rates with to provide health care services.
Determine if your doctor is in the plan's network.
Your doctors - both primary care and specialists.
You may want to choose a plan where your provider is in-network to avoid extra costs.
Any medications you take that have been prescribed by your doctor.
Different plans may have different co-pays or coinsurance for covered prescriptions. Review the plan to understand how your prescriptions are covered.
Any additional things your health plan provides for you, such as access to mobile apps, or discounts.
While you may not choose a plan for the additional benefits, it's nice to know if your plan includes 24/7 customer service or discount programs.
Questions to ask before you choose a health plan.
How often do you or your family need medical care?
Many medical costs are covered by you until you reach your deductible. If you anticipate a lot of medical care, you may want a lower deductible. But, plans with lower deductibles generally have a higher monthly premium.
Do you have any planned surgeries?
These large expenses are something that you should consider when you are choosing your plan.
Do you have a doctor you regularly see?
If you do, make sure that doctor is in-network for the plan you choose.
What prescriptions do you or your family need? How often do you need them?
Check your plan's prescription drug list for the prescriptions you take often