When contemplating healthcare plans, it is key that you take time to consider all of the factors associated with each plan, and then compare each one to ensure you pick the plan that makes the most sense for you.
People are often drawn to a high-deductible health plan because the monthly premium costs are usually the least expensive. This appeals to people because it gives them more money for other expenses on a monthly basis. But, if you get sick, you will end up paying more out-of-pocket healthcare costs.
A recent article on the Equifax Finance Blog, “What to Consider When Choosing Healthcare Plans,” discusses the most important things to think about when choosing your healthcare plan.
As you evaluate different healthcare plans, consider the following four things in order to pick the best plan for you.
1. Consider the state of your health.
If you’re on certain medications in order to maintain your health or if you see certain healthcare providers, keep in mind that some of these healthcare plan best practices may not apply to you.
2. Shop around and compare your options.
All healthcare plans are not created equal; in fact, the average healthcare costs can vary immensely depending on the facility and location. This is why it is so important that you compare prices at different facilities that accept your health insurance policy to find out which plan makes the sense for you and is the most reasonable.
3. Negotiate.
It is always worth asking. Some providers are willing to negotiate prices if you go with a high-deductible healthcare plan. However, all providers may not be able to budge on their price. If not, they may offer some sort of discount for you in other ways.
4. Use a flexible spending or health savings account.
If you decide on a high-deductible health plan, you may want to consider a flexible spending or health savings account. These options can help you save additional money. If you open an FSA account, the money is taken out of your paycheck pre-tax, and that money can be used for qualified health expenses. At the beginning of the year, your account starts over and any left over money may be lost. When you open an HSA account, you don’t have to worry about losing your money if you don’t use up the funds because it rolls over from one year to the next. Other benefits of HSA accounts are that they are able to earn interest and if the money is used for health expenses, it is tax-free.
If you’re searching for a healthcare plan that works best for you, be sure to do your research. Read the full article on the Equifax Finance Blog for more information.