How to Narrow Down Individual Medical Insurance Plans Options

  • September 13, 2016
  • |Quartz
This is a blog post. The information may not be up-to-date. If you have questions, please contact Customer Service
Get help narrowing down which individual medical insurance plans in Madison, WI are a good fit for you.

If you’ve ever had to shop for medical insurance before, you know that the process can be overwhelming. How do you know what kind of insurance you need? This step-by-step guide may help you narrow down which individual medical insurance plans in Wisconsin are right for you.

Step 1 – Review how much you used medical services last year. This should help give you a baseline of how much insurance coverage you may need as an individual. For example, do you have a health condition that requires regular medical monitoring and medications? Did you have an accident last year and need physical therapy, chiropractic care and follow-ups? Or are you healthy and rarely go to the doctor?

Step 2 – Determine the amount of health care services you'll use in the coming year. Think about any major events that may increase or decrease your need for health care services. For example, is it possible that you may need surgery or new medications? Or are you planning to start a family?

  1. If you expect to use about the same amount of health care services you did last year, then your current amount of coverage may be just right
  2. If you predict additional medical needs in the coming year, consider plans with more coverage than you currently have
  3. If you had additional medical needs last year that you don't expect to have this year, consider plans with a similar or lesser amount of coverage as your current plan

Step 3 – Calculate your health care and medical insurance expenses last year. Was this amount affordable for you?

  1. If it was, it may make sense to continue the same coverage you had last year
  2. If it was not, last year’s health insurance plan is likely not a fit for your medical needs and income level. You may benefit from discussing your individual situation with a health insurance provider that you trust

Step 4 – Determine your income last year and estimate what your income will be this year. Then check if you qualify for subsidies.

Once you have gone through these four steps, it’s easier to narrow down which individual medical insurance plans may be right for you.

Your choices range from plans with a very low premium (catastrophic for people under 30), through bronze, silver, gold and platinum. Each step up in the metal level means that your premium will increase, but your out-of-pocket costs will decrease.

These examples show what plan may be the right choice in different circumstances.

Need help with medical insurance terminology related to costs? Here’s a helpful explanation of the five types of health insurance costs.

Your needs in health insurance coverage may change from year to year. Spending a little time looking back, then planning for the future, could save you money and give you the peace of mind of knowing that you have the individual medical insurance plan that is right for you.

Have a look at our medical plans or give our knowledgeable and helpful customer service representatives a call at 800.362.3310 to help find the right plan for you.


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