When Selecting Health Insurance, Consider More than Premium

On Nov 18, 2024

When it comes to selecting the right health insurance plan to fit your needs, it’s important to consider several factors beyond premium.

by Michael G. Murphy

While the cost of health insurance is often an important factor when evaluating different health plans or insurance companies, it shouldn’t be the only factor. It’s critical that companies and their employees look at the value they are getting for their dollar. Here are some important things to consider when selecting a health plan:

• Plan design: Even though a particular health plan’s monthly premium might appear more affordable, examining potential out-of-pocket expenses can pay off overall. Evaluating the cost to buy versus the cost to use your health plan is key.
• The network: Using in-network doctors and providers will help you get the most out of your insurance coverage. It will also minimize the need to pay out-of-pocket costs aside from any copays or coinsurance associated with your plan. Often, a provider directory can be easily accessed from a mobile app where you will be able to search for a doctor’s name, a symptom, or their location.
• Technology & tools: In recent years, technology has helped simplify the member experience, making it faster and easier to access health information. For example, look for user-friendly features such as telemedicine and a health plan that communicates with its members via text messaging, especially to send reminders about preventive screenings or annual primary care provider visits.
• Support services: Personal contact matters when it comes to navigating the complicated healthcare ecosystem. It’s important to select a health plan that provides direct access to live Customer Service representatives who are readily available to assist members. In addition, services like health coaching and wellness programs can provide quick access to vital information.

Taking the time to evaluate the tools and resources that help empower your employees can have positive impacts on their overall health and well-being, ultimately helping companies reduce or stabilize costs.

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business Magazine or the New Jersey Business & Industry Association.

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