The post below is sponsored by Priority Health. All opinions expressed belong to me.
It’s the time of year families either love or dread: open enrollment! Outside of special enrollment periods for major life events, open enrollment is the only time when you can switch, renew, or change your health insurance for the year.
That means if you don’t understand what you are getting, you could be stuck with a plan that’s outside of your budget for the entire year {cue a sad trombone}.
This year’s timing runs through December 15, 2018, so it’s time now to research what options exist and make a smart choice about your health insurance plan.
But where to begin? It’s all so confusing, right? This isn’t just picking a flavor of ice cream 😉
As parents, we’ve all been there with a sick child at night, wondering what to do — head to the ER, or wait for your pediatrician’s office to open and call first thing in the morning. Knowing it can be a huge cost difference weighs heavily, so it’s important to understand what health insurance terms mean for each individual plan, and most importantly — what they mean for your finances.
Even if you’re satisfied with your current plan and insurance company, it’s always a good idea to check your options as your health needs and plan premiums or benefits may have changed.
I recently listened to the Insurance 101 webinar from Priority Health and learned some fantastic tips. It really helped clear some misconceptions I had, and I am feeling more like an educated consumer going into enrollment.
To start, here is the quick version of the terms to understand while shopping for coverage. Getting a firm grasp on these will really help to explore the different options out there.
Health Insurance 101 Terms
- Premium: The amount you pay monthly for insurance.
- Deductible: The amount you pay before the health coverage kicks in.
- Out-of-Pocket Limit: The maximum amount paid in plan for the year. This includes your deductible, copay, coinsurance.
- Coinsurance: The fixed percentage you pay for health care after your deductible is met.
- Copay: The fixed amount you pay to see a doctor or fill a prescription.
In addition to the terminology, there are plenty of more things to consider. Check out my list below!
Six Things to Consider When Shopping for Health Insurance
- Choose Your Plan Type: HMO or PPO? Consider your health, how often your family visits the doctor, if local doctors take your insurance, cost, copays, etc. If you of have a lot of extra costs, consider adding a health savings plan as well {we’ve used ours for medical expenses such as LASIK!}.
- Know your budget by choosing the appropriate ‘metal level’: Bronze, silver, gold, or platinum indicate how much the plan costs. Bronze means lower monthly premiums, but higher out-of-pocket costs, while gold and platinum cost more up front but have richer coverage.
- Understand what the numbers in the name of the plan mean: Believe it or not, these “random numbers” actually mean something! The plan number indicates the dollar amount of the deductible in the plan.
- Is virtual care available? Having the ability to phone a doctor 24/7 when minor issues arise is an awesome option! We’ve used this feature several times, and it truly saved us last Christmas Eve when NO doctor offices were open and my daughter had pink eye.
- Is there a cost saving tools? These tools make it easy to help you save money by ‘shopping’ for certain services. For a working parent who doesn’t have time to call several offices during business hours to price things out, this is a lifesaver.
- A plan with perks! Many insurance providers have extra perks such as emergency travel services, discounts for gym memberships, and more. Make sure you’re taking advantage because those perks can help you save big money!
Still confused about health insurance? Here are some quick resources to help:
- Priority Health’s free webinar is full of great tips and you can watch whenever you need! It can be found here.
- The Health Insurance 101 Guide is also very helpful and can be found here.
To learn more, visit Priority Health’s website, Facebook or Twitter.
What health insurance tips would you add?
One of those things no one wants to think about but so so important. Love how simple you made it. The health insurance 101 guide is so helpful!
Thanks for putting this up. We are about to get a health insurance for the whole family (family card) and this will really help us out. Thanks for sharing this Lauren!