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An essential element of choosing the correct health plan is determining
what benefits are important to you and whether the plan offers them.
Do you require any of the following benefits in your health plan?
- Maternity coverage
- Prescription coverage
- Well child care
- Immunizations
- Annual physicals
- Dependent coverage
- Specialists' coverage (i.e. home care, hospitalizations, vision,
dental, speech, etc.)
The more benefits you select onto your health plan, the greater the premium
or employee contribution is going to be.
Other aspects:
- Is your current physician included in the plan's provider network?
- Where are the nearest hospitals you can visit with your plan?
- Is there a wide selection of primary care physician and specialists?
- What is the financial strength of the insurance company?
Make sure that the benefit coverage you require is available. Aside from
costs, this is the other most important factor in selecting a health plan.
The premium or your employee contribution will vary depending upon:
- The type of plan you choose (Traditional Indemnity, HMO or PPO)
- The amount you accept for your deductible, coinsurance and co-payment
- The lifetime maximums you decide on
- The extent of benefit coverage on the plan
If you want the lowest costs, then an HMO plan with a higher co-payment
of about $25.00 and a comprehensive, but not overloaded benefits package
may be best. If you are more concerned with selection than price, but still
want a good price, then a PPO plan with a $250 or $500 deductible may be
best. If money is no object, and you want complete freedom on your health
plan, then choose a Traditional Indemnity Plan.
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