There are certain considerations you should take into account as you search for health insurance quotes. For example, you will need to consider what type of health insurance plan is best for you. As some of the types of health insurance available, you will be able to choose from Health Maintenance Organizations (“HMOs”), Preferred Provider Organizations (“PPOs”), and high deductible PPOs in conjunction with a Health Savings Account (“HSA”).
There are certain benefits and drawbacks to each of these types of plans. For example, HMOs are generally less expensive, but they are also less flexible in terms of which doctor you can see. If you have been going to the same doctor for 10 years and want to keep seeing that doctor, you should check out whether that doctor is part of the HMO or PPO that you are considering. In addition, HMOs generally require you to see your primary care doctor before seeing a specialist; whereas PPOs generally have larger networks of doctors that are covered under your plan and allow greater flexibility if you choose to see a doctor that is outside of the network (likely at an additional cost to you). In addition, with a PPO you can go straight to whatever type of doctor you want, without needing a referral from your primary care doctor.
Another option is to consider a high deductible PPO in conjunction with a Health Savings Account. Because of the high deductible, this type of PPO costs less premium. However, you are then eligible to open a Health Savings Account into which your employer can transfer a certain amount of non-taxed income (currently up to $3,000 for individuals and $5,000 for families). The benefit is that although you are paying a larger deductible, you can fund the deductible from your HSA which contains non-taxed dollars. In addition, in the event that you fund your HSA and don’t use the entire amount in a calendar year, the money will be there from year to year until it is spent or withdrawn. This creates a great way to build up a savings account in the event of a major health expenditure that isn’t covered. In addition, this creates an additional way to save money tax free for retirement.
When searching for health insurance quotes, be sure to consider the various types of health insurance policies to determine what works best for you.