It’s open enrollment season, and most of us are thinking about the best healthcare option for us in 2020. Only one thing is certain when it comes to healthcare: the cost for us to stay healthy is constantly increasing.
When it comes time to choose a plan, there are multiple factors to consider so you can budget wisely.
Choose your plans based on more than the premium
People often select their healthcare plan based on the monthly fee they will pay for coverage each month. However, when you choose a plan based solely on this component, you could end up paying more in the long run. There are several other factors to consider when choosing a healthcare plan that will fit your health as well as financial needs. Factors include:- copayment (flat dollar amount you pay when you need care)
- deductible (the amount you must pay before the insurance begins to pay)
- coinsurance (the percentage of allowed charges for covered services that you’re required to pay)
- maximum out-of-pocket costs (the maximum amount you will pay for services).