Health insurance is an important expense for most families. However, because there are so many options, it can be difficult to design one that meets your needs and yet fits your budget. The information below should help you create a policy that protects you and is nevertheless affordable.

How to Design the Right Health Insurance Policy

Estimate Your Medical Needs

The first step to designing a health insurance policy is to approximate your medical needs for the forthcoming year. For instance, if you are young, single, and in good health, you may only need a bare-bones policy that covers expenses in the event of an injury or catastrophic illness. On the other hand, if you are aging, in poor health, or the parent of children, you will want a plan that covers more than just emergencies — this includes checkups, doctor visits, any specialists you require, and even pharmaceuticals. Once you understand what type of coverage you need, you can consider the financial aspects of health coverage.

Consider Financial Outlay

The plan you want may cost more than you feel you can afford. If so, ask your insurance agent to show you plans with similar coverage with lower monthly premiums. In many cases, you can lower the premium amount if you agree to a larger deductible. This means you must pay more out-of-pocket before the insurer becomes responsible for the claim. You may also be able to lower the monthly amount if you agree to a higher co-payment — the amount you pay on-site for a doctor visit or to have a prescription filled. Moreover, under the Affordable Care Act, you may qualify for financial assistance through the Healthcare.gov website. The open enrollment period usually runs through November and early December.

For help designing the right health insurance plan for your family, get in touch with us at Steven Hall – Farmers Insurance in Mountain Grove, MO. We offer invaluable guidance for individuals and businesses, throughout the Ozarks, when it comes to buying health, home, life, and business insurance.Visit our website to connect with us online or call (417) 926-7900 to request a free health insurance quote.