How to Compare Insurance Plans Like a Pro

When reviewing your plan options, it helps to have an idea of what you are likely to spend on healthcare in the year ahead. This can help you eliminate plans that won't work for your budget.

Costs are made up of more than just the monthly premium. Out-of-pocket costs such as co-payments, deductible and coinsurance are important considerations too.

Whether you’re shopping for an individual plan, or a family plan, looking at employer plans, or even Medicare Advantage, understanding how to compare health insurance plans will help you find the best coverage for your needs. Using a strategy can simplify the process, and save you money.

Start with gathering information on the plans you’re interested in, either from online tools like the federal marketplace or your employer’s benefits portal. Then enter the relevant data into your spreadsheet. Remember to be as accurate and thorough as possible, including the type of premium (monthly or annual), deductibles, copays, and coinsurance.

You’ll also want to include the yearly cost estimate of each plan, which will give you a sense of how much a particular plan will cost over the course of a year, and can help you avoid unpleasant surprises if you have a medical emergency. You’ll also want to consider the networks for each plan, as some will only cover doctors and facilities in their network while others will allow you to see any doctor in the country.

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The final thing to consider is the out-of-pocket maximum for each plan. This is the amount you will be required to pay for care each year, before the plan starts paying 100% of your costs.

Once you’ve collected all the relevant data, you can begin comparing the different plans side-by-side. The key is to be as thorough as possible, and to keep your spreadsheet updated as you discover new information. If you do this, you’ll be ready to make the best decisions come open enrollment, or whenever your plan options change. You’ll also be ready to take advantage of any available financial assistance.


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