Comparing Health Insurance Rates
Finding the best health insurance rates can be quite a task, but by comparing health insurance rates from different health insurance providers, you’ll find the best value for the policy that contains the coverage you need.
When comparing health insurance rates, you’ll want to consider the terms of the coverage, including the deductibles, co-payment amounts, prescription drug benefits, and the type of physician network the plan covers.
Health Insurance Deductibles
Generally, when there is a higher deductible on your health insurance, your health insurance rates will be lower. Some of the newer policies allow for a variety of deductible options, including “high-deductible health plans,” which cover you in case of a catastrophic health issue and offer you the flexibility of the lowest possible premium.
Much like the deductible, copay amounts are higher as your health insurance rates go lower. Co-pay amounts can also be categorized and fluctuate depending on which claim you make with your policy. Emergency room visits have the highest co-pay, while visits to a clinic or prescription drug orders often have lower co-payments.
Prescription Drug Benefits
Prescription drug benefits vary from policy to policy, but many plans give you the option of choosing from a number of different plans, some with higher co-pays depending on the type of drug and whether or not the drug is generic or brand-name.
Insurance Networks: PPOs, HMOs, and EPOs
Most policies require that you arrange for a primary care physician or select a physician from within the policy’s preferred networks. As the options in physicians and specialists increase, your health insurance rates will also likely increase. PPO and EPO plans have higher rates than HMOs.