How to Compare Health Insurance Plans
Policy Comparison: The Big Five
When some consumers compare health insurance plans, they make the mistake of fixating on premiums to the exclusion of other important aspects of the policy decision-making process. With health insurance plans, you want to base your decision on a comprehensive assessment of five critical factors: premiums, choice, co-pays, deductibles, and coverage. The failure to include even one of these factors in your decision might leave you dissatisfied with your coverage. For example, you might select a plan that has affordable premiums, co-pays, and deductibles, but you later find out that it covers only a handful of physicians in your area and doesn't cover prescription medications that you need. You will make the best possible decision if you consider each of the big five factors thoroughly.
Health Insurance Plan Checklist
If you use our site to compare health insurance plans, you will receive at least four free quotes on different policies. Trying to compare four different policies on five different factors can quickly get unwieldy without some way to organize your thoughts. To help you stay organized during the comparison process, we suggest that you make a checklist against which to evaluate each policy. Make a column for each policy you are assessing, such as policy #1: Blue Cross, policy #2: Aetna, and so on. Underneath these headings you will write the level of coverage; the co-payments, co-insurance, and/or deductible; and any limits on the services that follow (you can expand or abbreviate this list according to your individual needs):
- Hospital care
- Surgery (inpatient & outpatient)
- Doctor visits (well and sick visits)
- Prenatal care
- Well-baby/well-child care (if you have dependents or plan on having children)
- Vaccinations
- Mammograms
- X-rays, lab work, urinalysis
- Mental health/behavioral health care
- Prescription medications (see if drugs not available in generic forms are covered at all)
- Dental care and orthodontics
- Vision care (exams, contacts, eyeglasses)
- Selection and location of providers and facilities
