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Choosing a Cost-Efficient Insurance Premium

When the Affordable Care Act, or Obamacare, was implemented last year (2014), there is little possibility for you now to make a mistake (one which will increase your debt) as long as you enroll for the best Florida rates for Obamacare. It is important to note that all health insurance coverage are required to cover a minimum number of benefits from the 10 essential benefits specified under Obamacare. The coverage should also specify an actual maximum cost. There are no periodic caps on the benefit unless your insurance policy was made before 2014.

It is important to remember though that the most cost-efficient insurance policy is not always the cheapest health insurance in Florida; but the ones that will give you the best value for your money. It is important that when you choose an insurance plan, you should first consider weighing several factors before going for the minimal or premium benefits you can have.

Minimal Insurance Coverage

If you rarely go to the doctor because you are almost never sick, you might as well search for high-deductible insurance policy that would allow you to limit the costs of your premium. If you hit the road frequently, involve yourself in high-risk sports, or frequently going out for a drink with friends and driving afterwards, you should look for insurance plans that will cover accidents and rehabilitative management; note that accidents happen near or far away from home and it may hit you really hard.

High-deductible insurance policies are said to be cost-efficient for young, healthy individuals. In fact, health insurance companies nowadays make emergency care an option for most adults who are below 30 years old and to those that live below average for a generous coverage. Also note that all health insurance policies today already cover preventive care for free.

Family Insurance Coverage

If your insurance policy includes your children aged 18 years and above and you and your partner only need minimal medical care, you might as well consider going for high-deductible insurance plans. Most families actually would need more coverage.

Choosing a Cost-Efficient Insurance Premium

If you have younger children, on the other hand, you should choose insurance plans that would generally cover walk-in or urgent clinic evaluation for young children, as well as an emergency coverage and behavioral health benefits for your adolescent child.

Costs of Insurance Premiums

Insurance premiums have a rather predictable cost. Note that premiums and deductibles have an inverse relationship; a decrease in deductibles would yield an increase in premiums, sometimes even a dollar for dollar.

If you often seek medical services, a low deductible plan that has higher premiums would have a predictable pattern of expenses. If you are a smoker and drinker, an obese, or if you indulge in healthy habits such as illegal drug use, you should consider getting a comprehensive coverage. This comprehensive insurance coverage is also recommended to the middle-aged or older individuals or if you have underlying diseases (such as chronic illness, BMI above 25, sedentary lifestyle, family history of medical conditions, stressful work or home).

Choosing a Cost-Efficient Insurance Premium

Although you can go without coverage for prescription meds when you are younger, you should re-think your choices as you reach middle age. Individuals in their middle age or older have an increased risk for acquiring diseases; chances are you will need many prescription drugs as well. If you already like your plan that has no drug coverage, think of applying for a separate prescription drug insurance plan.

Health Care Providers

Choosing a Cost-Efficient Insurance Premium

If you want the freedom to choose your preferred doctor, clinic, or hospital, you might as well considered enrolling for an insurance premium that is under the preferred-provider organizations (PPO). These organizations give their clients a wider choice of health care provider compared to health maintenance organizations (HMO). Note that HMOs have their own list of doctors and hospitals in which their coverage is affiliated to; thereby, giving you lesser freedom to choose.

You can also choose from several strong out-of-network benefits in case you suffer serious illness, you’d be able to choose the providers that you trust (whether or not they belong to your network). These out-of-network benefits would cover a certain amount of percentages of the costs (about 40 to 60%). Higher percentage would mean higher premiums.