• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Vim Ch'i

Don’t wait to lose weight.

  • Home
  • About
    • Frequently Asked Questions
  • Shop
  • Blog
  • Diets
    • Carnivore Diet
    • Intermittent Fasting
    • Ketogenic Diet
    • Low Carb
    • OMAD
    • Herbalife Tea/Herbal Tea
  • Financial Wellness
    • Credit Card Debt
    • Health Insurance
    • Life Insurance
  • Contact
You are here: Home / Financial Wellness / Health Insurance / What is the Best Way to Compare Health Insurance Plans?

What is the Best Way to Compare Health Insurance Plans?

April 16, 2022 by Rod Jong Leave a Comment

what is the best way to compare health insurance plans

Open enrollment is the best time of the year to find the best health insurance plans. But what is the best way to compare health insurance plans? It might not be the most interesting subject. Unfortunately, it’s a vital thing to do.

Keep reading to know more.

What is the Best Way to Compare Health Insurance Plans?

Comparing health insurance plans can be complicated. This post will help you feel confident about the options available. In that way, you can choose the right plan that meets your healthcare needs.

There’s no single way to compare the plans. Instead, there are several steps you need to follow to help you find a plan that perfectly fits your financial situation.

Read: What Health Insurance Plans have Silver Sneakers?

Compare Plan Networks 

Each plan has its own network. Listed below are the main types of plan networks.

Health Maintenance Organization (HMO)

This is a type of plan that covers healthcare from doctors who are part of the plan. It means that when you seek medical care, it won’t pay for it if you go to an out-of-network hospital or doctor.

HMOs work in a particular geographic area. Thus, you need to be living or working in a service area.

The best thing about HMO is that it makes healthcare costs more affordable. The out-of-pocket expenses are also lower.

Unfortunately, because it’s restrictive to a service area, there’s not much flexibility.

Read: Health Insurance HMO

Preferred Provider Organization (PPO) 

This plan contracts with hospitals and doctors to create a network of providers. The plan can cover doctors outside of the networks. However, even though it is covered, you’ll still pay more out of pocket.

PPO is ideal if you travel frequently. And if you get your health insurance through work, you can opt for this plan.

This type of plan has a reasonable choice of providers. But you need to verify the providers that can accept your plan before you undergo treatment.

Unfortunately, it is more expensive than HMOs.

Read: What Health Insurance Plans Cover Bariatric Surgery?

Exclusive Provider Organization (EPO) 

This is a type of managed care plan. The services will only be covered if the doctors or hospitals are in the plan’s network. But during emergencies, the plan will cover out-of-network cots.

Even though EPOs work the same way as HMOs, they don’t require a primary care physician referral before you can see a specialist.

Thus, EPO is an ideal plan if you wish to see specialists without the hassle of getting a referral from your PCP. Then again, you need to settle for having limited healthcare providers.

The premiums are lower with EPO than with PPO. But the network is quite smaller. Furthermore, before you get medical services, you need to obtain pre-authorization from your provider.

Point of Service (POS)

what is the best way to compare health insurance plans -- ppos and hmos

It has some of the features of PPO and HMOs. The benefits are different according to in-network and out-of-network providers.

Compared to EPO, POS offers more providers. But referrals are needed to see a specialist.

Study the Metal Categories 

Health insurance plans are available in metal categories. They are tiered based on their cost and coverage.

  • Bronze
  • Silver
  • Gold
  • Platinum

If you are qualified for cost-sharing reductions, you should pick a Silver plan.

Plans in every metal provide free preventive care and discounted healthcare services before meeting your deductibles.

Among the options, Bronze plans have the most affordable monthly premiums. Because they have the lowest monthly premiums, expect to be high out-of-pocket costs.

When it comes to health insurance plans, the more you pay in premiums, the less out of pocket costs you need to deal with.

However, just because having higher premiums makes your out-of-pocket costs lower it doesn’t mean that these plans are the most ideal for you. It still depends on your health condition.

If you are overall healthy and you don’t need to seek regular medical treatment or services, then getting a plan with a lower premium but a higher out-of-pocket cost is ideal.

On the other hand, if you need medical treatments frequently, then make sure to opt for a plan with high premiums.

Compare Costs of the Plan 

When you have health insurance plans, you need to handle various expenses. In addition to the monthly premium, there are other out-of-pocket costs you need to deal with.

  • Deductible. This is the amount you have to settle before your plan pays for your care.
  • Copay. It’s an amount of money you have to pay each time you visit your doctor.
  • Coinsurance. It’s the percentage of service you must pay after you meet your deductible for the year.
  • Out-of-pocket maximum. This is the maximum amount you pay on your own. For instance, if the plan has a maximum OOP cost of $6,000 and you reach such an amount, the insurer will pay everything during the rest of the year. It’s important to note that not all plans have an out-of-pocket maximum. Because of its advantage, you may consider a plan that comes with this feature.

Save Money 

There are various ways to save money on health insurance. One of them is to open high-deductible health plans. This includes a low monthly premium.

However, this is only ideal if you don’t regularly use medical services.

Furthermore, this plan is ideal if you wish to obtain a health savings account. With HSA, you can set aside money to pay for qualified healthcare expenses. The money is tax-free. But it has to be used for your medical expense.

A high-deductible plan is categorized as a plan with a deductible of $1,400.

Read: What Health Insurance Plans Qualify for HSA?

Get an Expert Help 

health insurance plans can protect your finances. They can also save you from drowning in debt because of your medical condition. When you have the right health insurance plan, you have something to lean on when your health condition worsens.

Summary

What is the best way to compare health insurance plans? There’s no one way to compare them. There are several steps you must consider when studying the available plans.

About the author

Rod Jong Rod Jong is a BS Chemistry graduate who believes that people must start consuming foods that are organically produced. If he’s not writing, then he’s busy managing his (organic) farm that utilizes the power of natural processes.

Share this:

  • Facebook
  • Twitter
  • LinkedIn

Filed Under: Health Insurance Tagged With: health insurance

Reader Interactions

Speak Now ... Or Forever Hold Your Peace Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Deals You Don’t Want to Miss!

Find Your True Love Here


Product Categories

Translate

Vim Ch’i

Vim Ch’i is an online health shop to buy Herbalife Tea (Herbal Tea Concentrate) and other supplements, which bring back your Vim (energy and enthusiasm) and Chi (vital energy to animate the body internally).  We also feature news and tips about Herbalife Tea (Herbal Tea Concentrate), OMAD for weight loss, Intermittent Fasting, Cord Blood Collection, and Health Insurance.

If you wish to contribute articles, infographics, etc. to our website, please email us at admin[at]vimchi.info.

Send Your Love with Flowers!

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

What’s Hot

  • Herbalife and Intermittent Fasting in 2023: Can You Drink Tea or Shake?
    Herbalife and Intermittent Fasting in 2023: Can You Drink Tea or Shake?
  • What is Herbalife Tea Bomb in 2023? Is It Helpful for Your Health Goals?
    What is Herbalife Tea Bomb in 2023? Is It Helpful for Your Health Goals?
  • Better OMAD Diet Results in 1 Month That Will Make You Feel Wonderful in 2023
    Better OMAD Diet Results in 1 Month That Will Make You Feel Wonderful in 2023
  • 5 Easy OMAD Meal Ideas in 2023 to Stop Feeling Hungry for 23 Hours: #3 the Easiest
    5 Easy OMAD Meal Ideas in 2023 to Stop Feeling Hungry for 23 Hours: #3 the Easiest
  • Will Herbal Tea Break a Fast?
    Will Herbal Tea Break a Fast?

TOPICS

Cord Blood

Cannabidiol

OMAD

Health Insurance

Intermittent Fasting

Health News

Ketosis Diet

Weight Loss News/Recipes/Tips

Herbalife Tea – Herbal Tea Concentrate

Best Natural Remedies

Let’s Be Friends

Let’s Be Friends
  • Vim Chi
  • Frequently Asked Questions
  • Terms Of Use
  • Contact

Copyright © 2023 · All Rights Reserved. Vim Ch'i - For the Love of Health and Wellness

 

Loading Comments...