Choosing health, dental and vision insurance is not a decision to take lightly. Your coverage will have a direct impact on your ability to obtain the healthcare services that you need. There are several factors to consider when choosing insurance. We’re going to cover five of the most important ones.
5 Factors in Choosing Health, Dental & Vision Insurance
1. Premiums
When choosing health, dental & vision insurance, the cost will be one of the first things that you consider. Your premium is the amount you pay for your insurance policy. Premiums are paid monthly, and if you fail to pay them on time, you risk losing your coverage.
It’s crucial to weigh the cost of the premiums carefully. Are they within your budget? If not, then consider another plan.
2. Out-of-Pocket Costs
Premiums are just one piece of the puzzle when it comes to health insurance costs. You will also be responsible for out-of-pocket costs, which can include:
- Deductibles: The amount you pay for covered healthcare services before your insurance coverage kicks in. Once deductibles are paid, coinsurance and copayments may still be required, but the insurance company will cover the rest.
- Co-payments: The fixed amount you will have to pay for a covered healthcare service after your deductible is met.
- Co-insurance: The percentage of costs you will have to pay for a healthcare service after the deductible has been paid.
Out-of-pocket costs will vary from one plan to another. Generally, the lower the out-of-pocket costs, the higher the premiums and vice versa. Make sure that you are comfortable covering these costs.
3. Network
In most cases, health insurance plans have provider networks. These providers accept your insurance coverage, and you cannot go outside of the network if you want insurance to cover the cost of care.
Medicine, services and providers that are outside of that network may require additional payment or may not be covered at all.
When comparing policies, consider whether your preferred healthcare providers are in the network and accept your insurance.
4. Coverage Limits
Check the policy’s coverage limits, especially for dental insurance. Dental insurance policies may not cover all of the procedures you need or may limit how much they will cover. For example, dental plans often have coverage limits of $1,000-$1,500.
For all policies you are considering, make sure that you keep the coverage limits in mind. These limits will affect your ability to get the care and services you need.
5. Prescription Drug Coverage
Does the plan offer prescription drug coverage, and if so, how much? Most plans will offer some level of coverage for prescriptions, but if someone on your plan requires ongoing medications, you may need a plan that offers more coverage.
Final Thoughts
Take your time when choosing health, dental & vision insurance. Find a plan that fits in your budget but also provides the coverage that you need. Dental and vision plans often have limits that must be taken into consideration, especially if you or a covered family member has ongoing issues with their dental or vision health.
