When Selecting Health Insurance Consider More than the Premium

On Nov 7, 2022

When it comes to selecting the right health insurance plan to fit your needs, it’s important to consider several factors beyond premium.

by Michael G. Murphy

The cost of health insurance is often an important factor when evaluating between different plans or insurance companies, but it shouldn’t be the only thing you look at. It’s critical that companies and their employees examine the value they are getting for their dollars. Here are some important things to consider when selecting the health plan that best fit your needs:

• Consider the Plan Design – Even though a particular health plan’s monthly premium might appear more affordable, examining potential out-of-pocket expenses can pay off overall. Evaluating the cost to buy versus the cost to use your health plan is key.
• Assess the Network – Visiting doctors and other providers who participate in your health plan’s network will enable you to get the most out of your insurance coverage. It will also minimize the need to pay out-of-pocket costs aside from any co-pays or co-insurance associated with your plan. Often a provider directory can be easily accessed from a mobile app where you will be able to search for a doctor’s name, a symptom, or their location.
• Tap into Technology & Tools – Technology has had a positive impact on the types of resources available. Through text messaging you can now receive important reminders about preventive screenings or annual PCP visits. Take telemedicine, for example. What was once a pie-in-the-sky idea a decade ago is now offered as a standard benefit. Other valuable resources like health coaching and wellness programs can provide quick access to vital information and overall peace of mind.
• Study the Services – It’s important to be aware of and utilize the customer service resources available. Along with the user-friendly features and services available, it’s important to select a company that provides direct access to live representatives who are readily available to assist members.

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business Magazine or the New Jersey Business & Industry Association.

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