How do you know which plan is best for you? There is no best plan for everyone. If there were, there would probably be just one plan. Determining which plan is the better choice for you involves evaluating the costs and features of each plan.
Cost
Features
There are some things you should look at closely:
You should also consider the plan features and benefits:
Here are some other general considerations:
Deciding on the type of plan option that is best for you also depends on your marital status, age, dependents, and general health. Let's look at each category separately.
Single
If you're young and in good health, consider the plan with the lower premium. As you get older and visits to doctor's offices become more frequent, consider switching to a plan that lowers your overall out-of-pocket costs.
Single with Dependents
If your dependents are young and in relatively good health, a PPO or CDHC plan with a higher deductible can be a wise choice. If you have dependents who need medical care regularly, an HMO may be the better choice.
Married
If you're young and married, and in relatively good health, keep your monthly premiums low. If you're a two-earner couple, review the cost of each plan as well as the plan features and benefits to determine which spouse's plan to select. As you get older and you require more frequent medical attention, consider switching to a plan with total lower out-of-pocket costs, since your risk of a major illness increases with age.
Married with dependants
Lower premiums with higher deductibles and higher out-of-pocket costs are for those younger families with no major medical problems. If you have two or more dependants and use doctors frequently, you might want to consider an HMO because it emphasizes preventive care and typically pays for services at 100%. If you're a two-earner couple, review the financial components of each spouse's plan as well as the plan features and benefits to determine which spouse's plan to select.
No one can predict what medical services will be needed in the future or how much those services will actually cost. You can, however, estimate the cost of basic or routine services, such as an annual physical, allergy shots, or physical therapy. You can also estimate the cost of a planned, major (non-emergency) service such as childbirth or a hip replacement.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC. Insurance products are offered through LPL or its licensed affiliates. Premier America Credit Union and Premier America Investment & Retirement Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Premier America Investment & Retirement Services, and may also be employees of Premier America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Premier America Credit Union or Premier America Investment & Retirement Services. CA Insurance License #0759204, TX Insurance License#1643255.
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