Health insurance is a frequent focus of conversations at the national level today, but it's a personal and individual topic as well. Each of us should look at options that are available and evaluate the type of coverage needed based on personal health status, options available based on where we live, cost, etc. The discussion of health insurance is becoming more frequent as we work with clients. We are seeing some of the following common themes: 

 

Choice: A common source of health insurance coverage is one that is provided by an employer plan. You are not required to enroll in that plan if you can prove you are covered elsewhere. If both you and your spouse/partner are working for companies which offer group health insurance, evaluate which plan offers the best coverage for the cost based on how often you go to the doctor, kids in the household, pre-existing conditions, prescription coverage needed, etc. If your employer's health plan doesn't provide good coverage, or is non-existent, it may also be more economical to consider an individual plan or a Health Savings Account (HSA). Keep in mind that individual options may be limited depending upon your area.

 

Cost: Premium is often the main consideration for choosing coverage but this is only one of many factors to think about. To evaluate your coverage, factor into the decision not only monthly premiums, but the deductible, co-pays and number of office visits covered per year, prescription coverage (cost of generic vs. name brand), hospital and emergency room fees, doctor availability, coverage of preventive care, lab and x-ray fees, amount of vision and dental coverage and inclusion of services like physical therapy, chiropractic and acupuncture, etc. Since needs change over time, it's important to do a periodic evaluation of your coverage based on projected needs. Although you may pay a higher monthly premium, the benefits may result in lower total cost or an HSA plan with lower premiums might be more cost effective if you don't routinely need to be seen by a doctor.

 

Medicare: Coordination of a supplemental or med-advantage plan once you are age 65 and eligible for Medicare has another set of considerations. Again, you may have coverage you could continue through a former employer, but it's always worth looking at all your options to see if you have a good combination of coverage for cost based on your particular situation. The Medicare website is a good place to start learning about the options, including their Guide to Choosing a Medigap Policy. 
  

Health insurance is a large expense for most people. Evaluating your options and coverage periodically is the best way to stay current with your options and help you make a decision that is appropriate for your needs. Your planner will be glad to help you compare and evaluate the different benefits available to you to determine the best coverage for both you and your family's health insurance needs.