Health insurance may be the most important insurance you need. But how do you figure out which choice is best for you? What level of deductible do you want and do you have coinsurance to help offset that; how high of a co-pay can you handle; how important is it to have prescription (Rx) coverage; what about supplemental (accident and illness) coverage? It can be confusing!
All health insurance policies have the same basic components to them. What you select and how you stack these components greatly influences your monthly premiums.
What level of risk do you want to assume?
Paying for a larger portion of the initial costs out-of-pocket reduces monthly premiums. You may want to consider your health history when looking at this component.
What level of flexibility do you want?
Using providers who are "out-of-network" increases your ability to select which doctor or hospital to go to, but can raise your costs.
What level of a co-pay is best for you?
Every time you see a doctor, fill a prescription or have a test run, you may need to pay an out-of-pocket co-pay. Keeping this small impacts premiums.
What other features to include?
Many other features can be added or modified to provide more comprehensive coverage. Which of these to select depends upon your specific requirements.
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