Fact Checked

What To Consider In A Health Insurance Plan

What To Consider In A Health Insurance PlanWith the health exchange enrollment period upon us and with employer-backed plans coming up for renewal, it’s important to take stock of your needs and your ability to meet monthly premiums as you lock in your health insurance plan for the rest of the year. Your goal is to pay as little as possible while covering as much of your expected medical bills as you can, which can be a tricky balancing act depending on the state of your health and your family’s health.

Are You Generally Healthy?

Do you go to the doctor for more than a regular checkup or two each year? Are you suffering from any condition that you couldn’t theoretically solve with either a few days of bed rest or else diet and exercise? If you do have a chronic condition, are you taking any pills on a regular basis, and are they cheap generics or newer, more expensive brand-name drugs?

If you don’t spend a lot on your health care, you shouldn’t spend a lot on your health care plan. The future is impossible to predict, but for the most part, health care costs come from chronic conditions you’re already aware of. As such, a generally healthy person should stick with a bronze plan with a high deductible and pay the lowest premiums possible. On the other hand, someone with a serious condition should consider a silver or gold plan with a low or nonexistent deductible.

You might also want to invest the money you aren’t paying in premiums in a health savings account, which lets you save money now and spend it tax-free on health care costs later.

How Old Are You?

Like it or not, the older you get, the more likely you are to come down with something serious. Even if you’re healthy right now, you may want to consider upgrading your health plan’s coverage as you enter your 40s and above. If your finances aren’t entirely secure, you might want to play the odds with a bronze plan even after this point so long as you aren’t experiencing any major troubles, but if you see any sort of medical trouble on the horizon, paying more in premiums could be cheaper in the long run.

Something else you can do to keep your health care costs under control is sign up for a USA Rx pharmacy discount card. When you bring our card to any of the 60,000 pharmacies in America that accept us, you can save up to 75 percent on prescription medications even if your health plan doesn’t cover them. You can discover more if you email us at [email protected] or call our toll-free number at 888-277-3911.