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Top 5 Factors to Consider When Selecting Health Insurance Providers

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Published in Health Articles

Are you one of the 30 million people who don’t have health insurance? Maybe it’s not by choice. Perhaps you’re overwhelmed by the sheer number of options available.

Finding the right insurance plan isn’t an easy task, but it’s an important one all the same. The right insurance provider can keep you from going into medical debt while giving you access to fantastic care.

So what does the right coverage look like, anyway? Here are five things to consider when selecting health insurance providers!

1. Tax Credit Eligibility

By far, most people’s biggest concern when buying health insurance is cost. But did you know that you may be able to save money on your monthly premium due to your income?

The Health Insurance Marketplace gives users the ability to drastically reduce the cost of their premiums by inputting their household income.

Anyone who meets a certain threshold qualifies for a premium tax credit that they can apply to lower their premiums. If you’d rather use part of the credit (or even none of it) that’s an option, too.

2. Deductibles

When comparing insurance costs, don’t forget to account for the deductibles. That’s how much you’ll have to pay out of pocket before your insurance kicks in.

Generally, the more affordable a healthcare plan is, the higher the deductible.

But this isn’t always a bad thing. If you’re in good condition and don’t need to go to the doctor often, a higher deductible may not be a barrier.

3. Extra Benefits

Though most types of insurance cover the basic necessities such as prescription medications or doctor’s visits, some providers, such as td health insurance, may offer additional features such as critical illness recovery or even accidental death insurance.

These added bonuses might add a bit to your monthly premium. But as a general rule of thumb, it’s better to have more coverage for a wide variety of scenarios, especially as you get older.

4. In-Network Availability

Parsing through insurance terms and conditions, you’ll no doubt notice the term ‘in-network availability’ pop up again and again. So what does this mean?

Well, even though you have health insurance, your provider will only cover care at certain locations. Insurance providers strike exclusivity deals with healthcare facilities and pharmacies as a means of enticing participation.

You can still get coverage at an out-of-network hospital, for example, but there’s a good chance you’ll end up paying most of or all of the cost of care.

5. Customer Experience

Last but not least, look at how a provider takes care of their customers. You’re paying for a service, after all, and you deserve a response when you need one.

Read plenty of online reviews to see what current and past customers think of a provider, and pay close attention to how the provider responds to complaints.

If they go out of their way to make an issue better, you’re in good hands. If not? Well, it’s best to look elsewhere.

Your Guide to Selecting Health Insurance Providers

Now that you know the five biggest factors, you have the basic information you need to start selecting health insurance providers.

If you’re still having trouble finding the right provider, remember that we have more tips to help! Be sure to check out our health and fitness blog so you can find the best care!

 

 

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