There are health plans available with just about any options you want. Being aware of all of the choices can help you pick the right plan for you and avoid surprises down the road. The trick to getting the most for your money is this: work the features of your health plan so you get the best value.
Premiums and Deductibles
Generally speaking, the lower the out-of-pocket (OOP) maximum is, the higher the premium is. The OOP maximum includes the money you pay for your deductible and coinsurance.
If you only visit your doctor a couple of times a year, paying a high premium to get a low copay doesn’t make much sense. On the other hand, if you can’t afford the out-of-pocket costs when you get sick, then your low premium isn’t worth it either. Striking the right balance is important if you want to get the best coverage for your money.
If you want to lower your premium, you can choose a higher deductible, a higher OOP maximum, or both. Just make sure that you can afford the added costs if you should need medical care. The whole point of insurance is to protect you against a large financial loss, so don’t lose sight of the forest for the trees.
Another thing you can do to avoid unpleasant surprises is to choose the superior coverage of a WPS health plan. Is this a shameless plug? Yes. But your local insurance agent will tell you it’s true and can also help you select the best plan.
This is the fourth in a series about how to avoid surprises from your health insurance company. You can also read about asking questions, understanding your needs, and making smart decisions. Additionally, you can find out more about Getting the Most from Your Health Plan.