Analyzing Health Insurance Quotes

Anyone looking for the best value on the dollar for their annual health care expenses needs to start by finding a health insurance policy that meets their needs at cost which is affordable to them.

​It can be a bit bewildering trying to compare the wide range of health insurance companies, policies, and quotes that you'll find both on and off your state's healthcare.gov exchange or the web.

There are so many factors to compare, so many types of insurance, and a host of unfamiliar insurance terms to learn. How can you shop for health insurance intelligently and efficiently? Even when you get a collection of quotes, how do you compare them accurately?

Always Compare Apples With Apples
You start by comparing different basic insurance options and plan-types to decide what you want. That's the time when you want to compare apples to oranges; narrow your choice of carriers and policies by what is best for you and your health needs.

You'll want to decide among such general options as:

• An employer based plan or an individual one?
• A healthcare.gov plan or a non-exchange plan?
• Do you qualify for a subsidy?  How do I know if I do or not?
• If you will buy through the exchange, which level of coverage do you require: bronze, silver, gold, or platinum? 
• Can I afford this level of coverage?
• Do you do a lot of traveling?  If yes, is out of network coverage included in the plan?
• Short term health insurance or permanent coverage?
• Do I need a supplemental plan like accident insurance or only primary health insurance?

Once those basic questions are answered, then it's time to compare apples to apples - meaning get quotes that are truly comparable because they are for plans that do essentially the same thing.

Factors To Scrutinize With Health Insurance Quotes
But even the most similar plans tend to have some differing features if bought from different insurers. Now, the annual premium you'll have to pay is the most obvious thing to consider and compare - it's the very definition of "an insurance quote." But here are some other factors you need to consider when you get a quote:

• What is the annual deductible? You have to balance deductibles, reflective of how much you expect to spend on healthcare in the year ahead, with your annual premium cost.
• How is cost sharing done with each quote? Some insurers have a copay or a out-of- pocket maximum that limits how much you will pay on covered care. What is the coinsurance?  This is the amount you might have pay for the covered expenses which is usually a percentage of all costs above the deductible until the out-of-pocket maximum is met.
• Are prescription drugs covered? If both premiums are the same but one plan includes prescription drug coverage and the other doesn't, you know which one is superior.
• How reputable is the company? Sometimes, especially if quotes are very close, you might prefer to pay a tiny bit more because you trust one insurer more than another.

3 Keys In Comparing Health Insurance Quotes
There are three major tools that you should not neglect when searching for new health insurance:

1. The Internet is a basic source to help you quickly find carrier options and gather quotes.
2. Ask family/friends which carrier they use - would they recommend their carrier?
3. Seek out and use an experienced health insurance broker/agent who will work with you to ensure you fully understand all your options and quotes.

For more information on how the market and the industry should impact how you evaluate health insurance quotes, contact Summerlin Benefits Consulting today for consumer-friendly assistance!