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If you are in the market for health insurance, chances are you are a small business owner or an independent contractor. Whether you are deciding between group insurance benefits offered through a professional group or an individual insurance you would like to purchase directly from the insurer, there are two key factors that should guide your decision: total out-of-pocket costs vs. covered services.
Many people only focus on premiums, but premiums are only part of the story.
One plan may offer lower premiums but have an unrealistically high deductible. Another plan may have a higher premium but offer a more reasonable deductible and cover a broader array of services. It is suggested that you sit down carefully and work out the total costs for each health insurance plan you are considering, including the annual premium amount, the deductible amount, any co-pays, and out-of-pocket maximums.
With health care insurance, you generally get what you pay for. However, whatever plan you choose, make sure it covers the types of services you reasonably expect to need during the coverage period, and that the total out-of-pocket expenses which fit within your budget.