How do you choose Health Insurance?

First I would say that you have to look at your health picture. If you are healthy and only go to the doctor here and there, than you can go with a higher deductible plan with a copay option. What that means is the ded will be like 2500.00 (which means after you pay the ded the company will kick in and pay. However, this is mainly for hospital visits, labs and xrays.) But the plan has a copay option that pays for well and sick doctor vists. These plans are the cheapest. Remember indivdual health is based on age, so in other words it never gets cheaper because everyday you get older and closer to risk for illness.

That leads me to your pocket. You can have a high ded plan with a bank account. This is called an HSA this is a good way to make money work for you while you are well. You can put up to a certain amount allowed by IRS per year into the HSA(bank). It is all tax deductible, notice I didn’t say credit. You have a mastercard/visa (like a bank check card) and you use the money as you need to help you meet your deductible. What you don’t use rolls over to age 65 (in most cases) and you can use the accumulated balance that was tax deductible for Long-term-care assistance with retirement. Also, what is also great is that once you meet your deductible in most cases the insurance pays 100% of the bill, not 80% such as regular plans. Do the math and it is cheaper. Also cheaper on the premium too.

Lastly, the regular plans are usually great choices if you go to the doctor a lot. They tend to have lower ded., low copays and they pay 80%/75% on your bill. However, these plans come with a price.