When buying any health insurance plan that is meant for your family, make sure that it covers most medical expenses at the lowest possible cost. Selecting a suitable plan may appear to be confusing but, you may seek help from any qualified and reliable agent.

Here are some simple tips to assist you in finding a health insurance policy that is suitable for your family.

1. In case most of your family members rarely need to visit a doctor while not suffering from chronic or serious diseases, a High Deductible Health Plan (HDHP) and a Health Savings Account (HSA) may emerge as the most suitable combination for you. The health insurance plan with high deductibles is usually low on monthly premiums. Deductibles are the expenses that you pay from your pocket. The money saved on premiums should be put into a HSA. A health savings account is a tax advantage medical savings account available to taxpayers in the USA who have enrolled themselves in a HDHP. In case of medical emergencies, you may cover your expenses up to deductible by pulling funds from this HSA.

2. Managed health insurance plans are offered by different companies. They have their own network of hospitals and doctors. Have a close look at this list before buying a policy. Look for hospitals and doctors that are within the vicinity of your home. Check whether the list is exhaustive and provides specialized care facilities for a wide range of diseases. Premiums of managed health insurance plans are reasonable. If you or your family members require regular checkups in hospitals included in the network list, such a plan may be good for you.

3. The Indemnity Health Insurance Plan allows you to avail services from any hospital or doctor of your choice. Such policies usually come with standard deductibles. The bill may be sent to the insurer by you or by the hospital after covering the deductible. However, such plans require paying an extra premium for the privilege of free selection of service providers. You may also be required to pay a part of the expense in such a plan. This is known as coinsurance.

4. To provide flexible and comprehensive coverage for your family within a reasonable range of premiums, explore the possibility of a PPO (Preferred Provider Organization) health insurance plan. Such plans come with lower deductibles. They also provide an extensive network of hospitals and doctors. This type of plan is suitable if you or members of your family have frequent doctor visits

5. When shopping for your health insurance plan, don’t forget about the tax benefits. Medical expenses in excess of 7.5% of your adjusted gross income can be claimed as a deduction after being itemized. When you are self-employed, you can deduct all premium and medical expenses from your annual income.

Lastly, when choosing insurance, remember that health insurance service providers generally impose higher premiums for obese individuals and smokers. So a change of lifestyle is helpful not only for health reasons but also for lowering the premium on your health insurance policy.

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