What Healthcare Plan Is Right for You?

There are a lot of healthcare plans available and this variety can be a little confusing. It is very common to see people spending money on a health insurance plan that they don't really need. You can save a lot of money on healthcare if you make the right choice and buy exactly what you need.

At different stages in your life, your needs and priorities will change. Getting married for example will make taking care of your family your number one priority. You will be more interested in providing good healthcare for your family, so finding good health coverage becomes a priority!

What should you buy when you are...

a. Young and single

Just because you are twenty doesn't mean you can't get sick or fall ill. Even young adults should carry some coverage as it will save them or their families a lot of money on hospital bills and medical treatment. However it is true that you do not need a lot of coverage, so I suggest you buy a simple HMO (Health Maintenance Organization) plan. This policy covers doctor visits, hospital stays and medical treatment, but only in the plan's network meaning that you have a limited number of hospitals and doctor offices which you can go to. But since it is unlikely that you will have serious problems at such an early age, the provided healthcare should be enough!

b. Single and employed

If you have a job, but don't have a family, your bets option is to stick with your employer's sponsored plan. If your workplace doesn't offer any group health insurance, again go for a HMO policy or a Consumer Health Driven Plan, which gives you the possibility to save money for medical use.

c. Married and with a family

When you have a family, it is time to take health insurance a lot more seriously. You should choose a plan that offers enough coverage for your spouse and children (if you have any). Children in their early years can need a lot of medical attention, so you should go with a PPO (Preferred Provider Organization). This allows you to visit any doctors you want and covers all of your expenses.

d. Close to retirement or retired

Unfortunately, old age can come with health problems. It is best to choose a PPO plan with good coverage so that any medical expenses are taken care of!

In conclusion your choice will depend a lot on your age and marital status will influence your choice: singles need less coverage, while people who have a family should look for better policies!