How to Determine Your Health Insurance Needs

Of course, you may wonder why you need to know BEFORE you start shopping. The reason is if you start shopping only based on price and have no clear idea of what you need you could end up purchasing an affordable medical insurance plan that provides limited coverage for what you need. Plus, knowing in advance can help you weed out more expensive options, such as maternity care which is often considered an optional benefit in individual major medical plans.

Here are some steps to follow to determine what type of coverage you need:

1. Decide who will be covered. Are you going to be purchasing an individual health insurance policy or a family medical plan? Do you need coverage for just your dependents or also for your spouse? These questions are important because they will affect the type of policy you explore and how much you can expect to spend.

2. Decide how much coverage you need. Are you looking for comprehensive coverage that will pay for your preventative and your emergency medical needs such as hospitalization? Are you looking for supplemental insurance that will cover the gaps from your spouse's health coverage? These questions will help you determine which plans will work best for your needs and what types of coverage options to look for in the plans. For example, if you seek preventative care benefits, then you may want to find a plan that pays 100% for this type of care.

3. Decide what options you need. For example, psychological counseling, prescription, dental coverage, and maternity are all examples of optional benefits you may need to include in your plan. Of course, the more optional benefits you include to the basic coverage the costlier it will be.

Action Steps

To determine the type of health insurance you need, here are the best resources available.

Know what your state mandates
Some states do require insurance policies to offer particular types of coverage. For example, some states mandates that preventative care benefits such as, children's vaccinations and well baby care or annual well woman exams, such as Pap tests and mammograms be included in the coverage. If you review a health plan that does not offer what your state requires, look somewhere else!

Work with an insurance broker
Consumers sometimes face a difficult time evaluating the different major medical plans and what they cover. An insurance broker can assist you in weeding through the options. Brokers may also be able to help you decide on the best options for your needs. Although the final choices are yours, it helps to have an insurance professional diagnose and recommend the best coverage for your future medical needs.

Use an insurance calculator
You can find insurance calculators on the Internet which can help you determine what you can afford to spend and what you can expect to spend for the coverage you want. These calculators can be very useful in helping you make important choices about what elements you add to your policy.

Tips & Tricks

Make a list of all the health care expenses you have incurred over the last year, including doctor visits, preventative care, emergency care, and prescription costs. This will give you an idea of what your annual medical out-of-pocket expenses are and help you assess your tolerance for financial risk. In using this method, you may be able to select an annual deductible and/or a co- insurance amount that best fits your lifestyle.

At VitalOne we are committed to assisting our clients in getting access to expert advice so you can choose the Right Healthcare Plan at prices you can afford.

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Read Ana's HealthCare blog  How to Buy Individual & Family Healthcare Insurance Plans: Know what type of healthcare coverage you need because comparing Health Insurance Plans can be tricky, more of choosing Health Insurance