Choose Your Health Plan Marketplace

Many people get health insurance through their employer. If you’re among those people, you won’t need to use the government insurance exchanges or marketplaces.

If your company doesn’t provide health insurance, shop on your state’s public marketplace, if available. You could also check out the federal marketplace to find the lowest premiums. Begin by going to HealthCare.gov and putting in your ZIP code. You’ll be directed to your state’s exchange if there is one. Otherwise, you’ll have to use the federal marketplace. Alternatively, you can purchase health insurance through a private exchange or directly from an insurer.

Compare Types of Health Insurance Plans

The most common kinds of health insurance policies are HMOs, PPOs, EPOs, or POS plans. The type you choose will help establish your out-of-pocket costs and which doctors you can see.

While comparing plans, look for a synopsis of the benefits. Online marketplaces usually provide a link to the synopsis of the benefits.  Also, take your family’s medical needs in consideration when comparing the types of insurance plans.

Compare Health Plan Networks

Costs are lower when you go to an in-network doctor because insurance companies contract lower rates with in-network doctors. When you go for out of network doctors, they don’t have agreed-upon rates, and you’re usually on the hook for a higher portion of the cost.

If you have doctors that you prefer and want to keep seeing them, make sure they’re in the provider directories for the plan you’re thinking of purchasing.  Eliminate plans that don’t have local in-network doctors.

Compare Out-Of-Pocket Costs

Out-of-pocket costs are almost as important as the network. Any plan’s summary of benefits should lay out how much you’ll have to pay out of pocket for services. The federal marketplace website provides snapshots of these costs for comparison, as do many state marketplaces. Your objective at this point is to narrow your choices based on out-of-pocket costs.

Compare Benefits

Once you’re down to a few options, it’s time to address any remaining questions. Here are some examples of what you could ask:

I take a particular medication regularly. How is that covered under this plan?

Which drugs and medicines for my condition are covered under this plan?

What maternity services are covered?

What happens if I fall sick when traveling abroad?

How do I get started with signing up, and what documents will I require?