Choosing the Right Health Insurance Plan

Picking an individual health insurance plan that fits your needs is no easy task. There are many factors that you must take into consideration, such as your overall health, how long you have until retirement and provisions in the recent health reform law.  We know how overwhelming and confusing choosing the right health insurance coverage plan can be, so we’ve crafted advice that will help you get a step closer to making a decision.

Uninsured Life is Not an Option

At times, you might think you’d be better off without any sort of insurance because what are the odds of you actually needing it, right? The truth is, going without health insurance can be a very risky gamble. If you are suddenly struck with an illness or injury, you could be paying thousands of dollars in medical fees out of your own pocket, not to mention having to pay a hefty fine for being uninsured due to the new health reform law. Play it safe and find the protection you need.

Find the Right Fit

There are usually three types of health insurance plans: health maintenance organizations (HMO), preferred provider organizations (PPO), and point-of-service plans (POS). An HMO is generally the most affordable but will limit your physician options to doctors that work within the plan’s network. A PPO plan will allow you to venture out of your network to find different health support, but will charge you a substantial fee and will have you pay for out-of-network services from your own pocket. A POS plan generally combines attributes from both plans. With a POS plan, you will often be required to receive attention from a network physician before visiting an out-of-network specialist.

As you weigh your insurance provider options, make sure your primary physician and specialists are included in the insurer’s network. This will allow you the opportunity to pick a cheaper plan while keeping your favored doctors in your list of accessible options.

Prescription Coverage

Plans will include or cancel coverage for medicine as they see fit. Make a list of the prescription drugs you use most and check with your potential provider to see if they cover their costs. Some providers will give you discounts on generic drugs and savings on medicine delivered by mail.

A Healthcare Expenses Account is Advised

Setting up a healthcare expenses account can help you pay for medication, contact lenses, and other medical fees while letting you save on premiums. The contributions you make to a flexible spending account can be subtracted come pretax income time.

Here to Protect

At Shepard Walton King, we strive to make finding an insurance policy easier. Our team of McAllen insurance agents can help you find one that fits your needs and budget. For more information about our services, contact us today.