Your health plan is so much more than just a low monthly payment. In fact, by choosing the cheapest health insurance plan, you may be shorting yourself some much-needed care. Health insurance quotes need to be evaluated on many factors.  

Annual deductible

Your annual deductible is the amount of money you have to pay before your insurance benefits kick in. An annual deductible can range from $0 to more than $10,000. There are pros and cons to each. A high deductible typically nets you a lower monthly payment as well as the ability to open a Health Savings Account. A low deductible plan may be less stressful for those on a tight budget, however. 

Co-payment

After you reach your deductible for the year, your health insurance plan may still have a co-payment, sometimes called co-insurance or simply co-pay. Your co-payment is displayed as a percentage. In other words, if your annual deductible is $5,000 and you have an 80/20 co-pay, you are responsible for 100 percent of the medical bills up to $5,000 after that you are responsible for 20 percent and your health plan will pay the remaining 80 percent. 

Network

Health insurance plans vary but most have you see medical professionals within their network. They may refer to this as in-network and out-of-network. In-network professionals are contracted by the insurance company to offer services, typically at a discount. If you are comparing health insurance quotes and need to see a specific doctor, check the in-network list. If your doctor or their medical group is not listed, make sure you fully understand what coverage, if any, you will receive for seeing an out-of-network provider.  

Prescriptions

Prescription coverage is fairly standard among health insurance plans. The key to look for here is both the cost for having prescriptions filled as well as your option to upgrade to a name-brand prescription is needed. If you have current, regular prescriptions, compare the costs with your current health plan. If you like to have 30-, 60, or even 90-day prescriptions filled by mail, make sure that option is offered as well. 

Mental Health 

Mental health benefits are just as important as coverage for your physical well-being. Read over your health plan quotes carefully and make sure you have adequate coverage for your mental health needs.   

Telehealth

Before Covid, remote healthcare was just a novelty for most people. Post-Covid, however, telehealth is here to stay. The convenience of having a doctor or nurse available via a virtual format is indispensable for everyone from busy parents to those with compromised immune systems. 

Digging through health insurance quotes takes some work on your part, but great health plans bring peace of mind.

For more information, reach out to a company such as Optimized Health Plans.