Some considerations when deciding what health plan to choose for the upcoming year:
When shopping on the market place, understand how your income may affect your premium and understand how Federal tax credits may benefit you, if eligible
Strategies for lowering out of pocket expenses by using a HSA- compatible plan and HSA (refer to www.irs.gov for more information)
Any planned surgeries or procedures that would be subject to a deductible
Cost of any higher tier prescriptions (generic medications are generally low cost)
Checking out the provider network and understanding if your provider is in network
What strategies to use if your provider does not take health insurance or is out of network
Know key health plan terms such as deductible, copay, coinsurance and out of pocket maximum
Look at the premium cost but also look at the plan design and out of pocket maximum
Analyze how you anticipate using your health plan in the upcoming year (i.e. infrequent or frequent provider visits)
Understand what benefits are "baked into" the plan - preventive care and screenings
Know if telehealth is available to you and if it may be at a lower cost
Choosing a health plan is a financial decision. In most cases, you will be in the plan for the duration of the calendar year. It's important to understand your options and work with a professional who can explain your options.
You may visit any of these websites for further information:
www.kff.org
c) 2023 ALC Health Plans
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