How to Find the Right Health Insurance Plan

Posted March 2, 2009 by Bernz

The election campaigns of both the Republicans and Democrats included a lot of discussion of how well the current health care system in the US is working and what needs to be done to fix it. Now that President Obama has been sworn into office, big changes to health care services and delivery methods may be in the works, however, it may still be quite some time before real change is implemented.

In the meantime, it is still important to have a health care plan in place. The choices today can be mind-numbing and there is some evidence that many people simply don’t choose a plan because of the complexity. But not having health care can ruin your financial future. It is estimated that around half of all personal bankruptcies in the United States occur because of medical or health costs. A simple stitched finger can cost over $1,000 and heart surgery can cost hundreds of thousands of dollars. We don’t get to choose when we need emergency health services so getting health insurance in place is a necessity.

Health insurance plans come in all stripes. Some focus on providing for everything from a check up in your doctor’s office to dental and eye care. Some only cover emergency hospital services. As with any other product, the more bells and whistles the plan comes with, the more expensive the premiums are.

Your first decision is how much you can afford in deductibles. Deductibles represent the money you have to pay before your health plan kicks in. The higher the deductible, the lower the premium. If you find, for example, that having to pay $5,000 out of pocket if your child needs her appendix out would be financially disastrous for you, you need to select a plan with a lower deductible and higher premium.

Your next decision is what services are important to you. Some plans only pay for certain doctors. If you have a relationship with your doctor and want to keep him or her, make sure that the plans you are considering cover your doctor. If you want to include your child’s inevitable set of orthodontic braces, read the plan details to ensure that is a covered item.

Comparing health care plans will help you get a better sense of what works best for your family.


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