How Informed Are You about Your Health Plan Options?

Finding health insurance coverage that is a good fit for your health needs and your budget is important.There are many different types of health plans that offer various levels of coverage, network and price. As you start comparing your health plan options, keep these key points in mind.

Coverage

Health plans on the Health Insurance Marketplace include coverage of the 10 essential benefits. These include: maternity and newborn care services, doctor visits for preventive and wellness care, mental health and substance abuse services, emergency services, hospitalization, prescription medications, outpatient services, various therapy services, laboratory services and pediatric care.

New Plans Compared to Traditional Plans

This year, there will be health plan options offered with lower-priced premiums. These include short-term, limited-duration insurance (STLD) health plans and other similar plans. These health plans are designed differently than those that meet the Affordable Care Act requirements and may have dollar limits for certain benefits.

These plans are available at lower monthly premiums, because they provide limited coverage for a shorter time period, such as a few months. Many offer no coverage for the essential benefits covered by traditional Marketplace health plans. These plans can also exclude coverage based on different factors, including pre-existing conditions.

Network

Finding a health plan with a network of doctors and hospitals in your area is also important to consider before you make your decision. If you already have a doctor or hospital you prefer, you will want to make sure those are included in the health plan’s provider network. If you go to an out-of-network doctor, you may have to pay for care services out of your pocket.

Price

Price is an important factor to use as you shop for a health plan. But if you make your decision solely based on the monthly premium cost, you may be surprised to learn that a lower-cost health plan may not include the benefits you need.

Before you sign up for a health plan, read the fine print to make sure you will have the level of coverage you expect, and then make the choice that’s right for you.