As a Colorado health insurance broker, I am often asked by my friends and clients here in Colorado, “What is the best insurance policy?” Since there are a lot of variables to consider, the answer depends on a person, or family’s situation. A few primary considerations include whether you are single, or a family, health history, type of coverage (copay or High Deductible HSA qualified), budget, risk preference for out-of-pocket expenses, and provider network coverage.
Another variable that is important, but often overlooked, is an estimate of medical expenses for you or your family for the next year. This will prepare you to compare benefit coverage for expenses for doctor visits or prescriptions among the available plans. There are many other things to consider, but these are the issues I discuss daily with my clients.
An article on MSN wisely suggests an insuance buyer ask questions.
- What are all the restrictions with this policy? If you’re not happy with the answers, tell your agent the type of coverage you want and have him shop it.
- Are your doctors and their hospitals included in the plan, including the closest hospital? “If they aren’t, are you willing to make a change for a lower price?”
- Is unnecessary coverage included in the plan? “If you’re a 22-year-old male, you don’t need maternity benefits. You’d be surprised how companies bundle coverage.”
- Does the carrier have a policy limitation on how often it raises its rates? “That low premium you’re quoted might change twice in the first year.”
- How long has the carrier been licensed in your state, and is the license current?
- Is a result of the above variables, and personal preference; the best insurance policy will vary. This means that the “Best Insurance policy” may be a high deductible plan for those who are healthy and have a limited budget, or a plan with low deductibles and/or copay coverage for a family with young children.
Knowing what you are buying and why can make a big difference in obtaining the “Best Insurance Policy”, which in this case means maximizing your satisfaction with the health insurance coverage you buy. Making a list of your coverage needs and comparing available plans will allow you to make an informed decision on the plan that is right for you or your family, and get your “Best Insurance Policy”.