**Guide for Selecting The Health Insurance Plan That is Best On Family Budget

One of one of the biggest money decisions you will ever make is picking a health insurance plan for your whole family.

One of the most crucial financial decisions returns to selecting a health insurance policy for your family. A good plan gives you access to quality care and some protection from large medical bills. However with so many plans and terms, it is tough. This article takes you step by step.

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1. Know the Health Insurance plans

First thing you have to learn is:

• HMO (Health Maintenance Organization): Cost is lower and out of pocket, but you select providers in-network, required referrals to see specialists.
  **PPO (Preferred Provider Organization) : **more out-of-network coverage and not required to use primary physicians it has, but more expensive.
  – EPO (Exclusive Provider Organization) — A lot like an HMO but might not need referrals.
  No coverage for out-of-network care (except in emergencies).
• POS (Point of Service): sort of HMO and PPO. Need referrals to go out-of-network higher-cost

What is your HDHP (High-Deductible Health Plan): Less premiums, bigger deductible; usually along with Health Savings Account (HSA).

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Now consider family healthcare necessities

Consider:

• How many times you visit the doctor.
• If you have a specific doctor or hospital you see
• Any ongoing meds, or on going Maladies.
• What you have been scheduled to see a pediatrician for and get vaccinated.
• Future scheduled treatments or maternity.

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3. Evaluate Benefit Costs More Than Just Premiums
   Look at the full picture:
   Premium: Monthly cost to maintain your coverage.
   Deductible: The amount you will pay out-of-pocket before your insurance does.
   Copays/Coinsurance: When you receive services you are responsible for paying
   Out-of-pocket maximum: How much you will have to pay in a year, then the insurance covers 100%.
   
   4. Verify on the Network
   Verify that the doctors and specialists your family relies on are part of your network! More expensive, sometimes even not covered if it is out-of-network care.
   
   **5. Look at Prescription Coverage
   Do your meds get this?
   On what tier are they?
   How much will be your copay or coinsurance?
   Is your plan step therapy or prior authorization manditory?
   
   6. Research Supplemental Benefits
   Some plans may have benefits beyond the basics (such as):
   Telehealth services
   Vision and dental
   Wellness programs
   The ‘mental Health’ coverage
   Program-related discounts
   
   7. Look at Tax-Favored Accounts
   HSA (Health Savings Account): Accompanied with HDHPs. Filing is deductible, withdrawal for qualified medical expenses are tax-free.
   FSA (Prepaid Flexible Spending Account), which means you use employer-provided funds to reimburse health expenditures.
   
   8. Use the Online Tools and Resources
   Marketplaces and insurance companies also:
   Price estimators
   Tools for comparing plans
   Provider directory
   Customer reviews and ratings
   9. Ask Questions
   In the face of ambiguity, ask insurer or HR rep:
   What is covered and what isnt?
   Emergencies How Does It Handle That?
   What are Exclusions & Waiting Periods
   For Dependents / Kids, the sovereignty?
   
   10. Re-evaluate every year
   Insurance plans differ, so do your health needs. Go through your coverage during open enrolling, and adjust when necessary.
   
   Final Thoughts
   There is family health insurance plan available that meets the need of cost, coverage and convenience. Shadow in the woods — take the time to look at your needs and carefully compare plans and don’t hesitate to ask for help. It may cost you thousands and ensure your loved ones get the care they need.