July 3, 2009, Newsletter Issue #186: Choosing a Health Insurance Plan

Tip of the Week

Choosing a health insurance plan is an extremely important decision. If you are receiving your health insurance through an employer, you may have two or three plans to pick from. Do not let cost be your only guide in selecting which plan to go with. Compare such key factors as: How much the deductibles are for each plan?How much the co-pays are for each plan? What specific services are covered or excluded by each plan?

If you are looking for the flexibility in choosing your own providers as well as when and where to receive services and cost is not an issue, a fee-for-service plan, or indemnity plan, is probably the best choice for you. If you are not concerned about giving up some flexibility in choosing providers and service delivery locations, a managed care plan such as an health maintenance organization will be better suited to your needs. If you would prefer to control your health care costs ad maintain some flexibility in terms of choosing your own doctor, a preferred provider organization will be a better place for you.

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