Tiptastic Tuesday: Picking the Perfect Insurance Plan

Healthcare remains one of the most complicated and difficult industry’s to maneuver.  And even though you’ve been hearing about Obamacare non-stop, you might actually be getting insurance the way you’ve always gotten it-through your employer.  But even if this is the case, you will need to pick the plan most suitable for you. Here are on some tips on what to look out for when picking a plan.

  • Be realistic: Look at three costs: your deductible, your out-of-pocket costs, and the premium cost contribution compared to last year.  Remember that you might not need the most expensive plan so pick a plan suitable for your medical needs.  Obamacare ensures all plans cover preventative health services (i.e. immunizations, mammograms, blood pressure tests, etc.) so keep that in mind.
  • Don’t be afraid of change:  The plan you’ve had for years might not be the best plan for you now so go ahead and switch to a plan if it’s more suitable to your current health needs.
  • Understand your options: Employers usually offer three types of plans: Point of Service (POS), Preferred Provider Organizations (PPS), and Health Maintenance Organizations (HMO).  HMO’s can save you money and are a great option for those who don’t already have a regular doctor.  PPO’s are usually more expensive but you have the option of picking a doctor outside of your network.  POS plans are a mix of HMO and PPO where you generally are required to pick a primary care physician who will need to give you referral to see any specialists.  Every plan will come with a summary of benefits and coverage, a mandate under Obamacare.
  • Work at staying healthy: Remember preventable illnesses make up 70% of healthcare costs, so work on staying healthy.  Eat healthily and try to get some sort of exercise daily.
  • Ask for help:  Ask your HR department or a broker about your options!  

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