At HSA for America, our ongoing mission is to simplify the process of comparing, choosing, and enrolling in a health insurance plan. There’s no shame in it: We all struggle with the question of how to pick the best health insurance plan. But if you’ve found your way to this blog, then you’re off to a pretty good start. Check our our health insurance quiz below.
Take the Quiz: Which Health Insurance Plan is Best for Me
1.) Does My Employer Offer a Healthcare Option?
If you said YES: In most cases, employer-sponsored healthcare is more affordable than buying coverage on your own. However, there’s no requirement that you use your company’s health insurance if you find a plan you like better.
If you said NO: Going without health insurance is a significant financial risk. According to Forbes, that risk is as much as $115,000 per year in out of pocket costs. Fortunately, as of 2021, health insurance subsidies have been expanded for almost every income level, making individually-purchased plans more affordable.
2.) Do I Have Ongoing Prescription Needs?
If you said YES: You need to familiarize yourself with the plan’s formulary before you make a decision. While all marketplace plans are required to cover certain preventive care medications at no-cost, the full list of covered medications will vary by plan.
If you said NO: If you don’t have prescription needs, a high-deductible plan paired with a Health Savings Account could be the better financial move.
3.) Do I Already Have a Doctor, Provider, or Hospital I Want to Keep?
If you said YES: Make sure that this doctor or provider is included in your plan’s network. With HMO plans, there’s no coverage for services you get out-of-network. PPO plans are more flexible with out-of-network coverage, but it is almost always more affordable to stay in-network anyway.
If you said NO: Even if you don’t currently have a doctor, researching the plan’s provider network can save you a lot of hassle down the line. Consider things like how far the hospital or doctor is from your house, or whether you spend time in multiple states.
4.) Do I Have the Money to Cover a High Deductible?
If you said YES: If you’re confident that you can pay the plan’s deductible, then choosing a high-deductible plan (HDHP) is a good way to cut down on monthly payments. Read our HSA Strategy: How to Maximize the Value of Your Health Savings Account [2022 Guide] to find out more.
If you said NO: For many people, paying more per-month in exchange for a much lower deductible is well worth it.
5.) Do I Feel Like I’ve Been Left Behind by Obamacare?
If you said YES: You could be a good match for Healthcare Cost Sharing. This is a legal and low-cost workaround to traditional health insurance plans. They’re a particularly good match for people who are paying for expensive health insurance that they barely ever use.
If you said NO: You can enroll in a health insurance plan during 2021 Health Insurance Open Enrollment, which begins every year on November 1st. With newly expanded subsidies, a lot of people will be seeing lower premiums, as well as reduced copays and deductibles for 2022.
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