Choosing medical insurance is a huge decision. More so if you have a pre-existing condition. With the Affordable Care Act, many people have the opportunity to get health insures that was excluded in the past.

During open enrollment, the insured has the opportunity to make changes. This is true for self-pay individuals, employees, and those on Medicaid and Medicare.  

If you’re signing up for insurance for the first time, you may have questions. Keep reading to learn what six things you should consider when comparing insurance benefits.

1. Premiums Are a Big Factor When Choosing Medical Insurance

Although the ACA has made health insurance more accessible, it doesn’t mean each policy is within your budget. Create a list of must-haves before you begin researching policies.

Set a budget and carefully review each policy and its benefits and out-of-pocket costs. 

2. Perks and Incidentals Offered by the Insurance Company

Many people including the elderly require medical alert systems. These devices can be the difference between life and death during a medical emergency. For these individuals having insurance coverage for these systems is essential.

The cost of insurance may or may not include coverage for the associated fees. In some instances, it may be a perk that’s free. Or the cost could go towards your annual deductible.

3. Does it Work with an HSA?

A Health Savings Account (HSA) is instrumental in helping the insured deal with rising insurance costs. This pre-tax benefit works like a savings account. It’s for out-of-pocket medical expenses. Some low-cost policies have a higher deductible.

An HSA makes it easier to manage those expenses. You’ll receive a tax benefit by using your HSA Card to pay for co-pays and costly fees for using the emergency room or urgent care.

4. Are You Expecting to Have a Medical Procedure?

No one wants to experience an illness or an emergency medical procedure. However, being able to plan ahead is a benefit when considering different insurance providers.

A family planning for a new addition may find their current insurance coverage lacking in areas that are essential. Having the option to choose your own obstetrician could mean changing insurance providers. Or perhaps the hospital you want for labor and delivery doesn’t take your current plan.

You should never dismiss what’s important to you when it comes to your medical care.

5. Copays and Annual Deductibles

During the era of HMOs and PPOs, incentives for insurance choices were heavily centered around copays. Choosing your own primary care physician was also important.

Today, insurers must contend with copays plus annual deductibles. Understanding what your out-of-pocket cost will help you chose the best coverage.

6. Prescription Coverage

Prescription costs are rising making an HSA more valuable. For illnesses that require ongoing medications comparing insurance benefits to provide the best prescription benefits is essential. 

Choose Wisely

Don’t take choosing medical insurance lightly. It’s a very important decision that can impact you significantly if you require medical treatment.

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