Maybe you stop by your favorite bakery stall and pick up a baguette, or sample a wild strawberry, sun-ripened and picked just that morning. Perhaps you stop to chat with a nearby farmer, cutting thick wedges from a wheel of parmesan. You walk home with a tote full of locally grown produce, relaxed and rejuvenated.
Now picture yourself shopping for health insurance. Just as relaxing? Not so much. While shopping for health insurance may appear daunting at first, it’s surprisingly similar to browsing your local farmers market. From quality assurance to saving money, here are five reasons why.
- Early Bird.
Everyone knows that at a farmers market, the best time to shop is early morning, before the crowd rushes in. When shopping for health insurance, you should also start browsing your options early. The Open Enrollment Period begins Nov. 1 and lasts through Jan. 31, 2017, but browsing your options in October will help ensure that you have the necessary time to complete your research and select the best plan that meets your health needs and budget.
- Decoding the Market.
Local farmers markets are often riddled with labels that can be tricky to understand: GMO-free, fair trade, grass-fed, the list goes on and on. To really understand what you’re paying for, decoding these terms is essential. The same can be said of the Health Insurance Marketplace, where terms like HSA, HMO, premiums and deductibles are scattered everywhere. To find the plan that is right for you, make sure you understand these terms before you shop.
- Save Money. Shop Local.
Just like you might shop locally for produce, furniture and clothing, you may also consider shopping locally for health care services. For example, the same reasons that you love the pizza joint down the street — reliability, easy access, consistent quality — a narrow network health plan might be right for you. Narrow network plans generally offer some of the lowest monthly premiums and give you access to coordinated care within one health system. However, in order to avoid paying out-of-network prices, you must receive care within the system of hospitals that the narrow network plan offers.
- Browse First, Buy Later.
The Health Insurance Marketplace can be confusing to navigate, given the range in costs and options. Just like you might browse every stall at the farmers market before you make your purchase, researching your health insurance options before the Open Enrollment Period will help you find the best plan for you.
What benefits are covered before you meet your deductible? Do you or your family have any past or current medical conditions? Should you open an HSA account? Do you need a plan that offers out-of-network flexibility? These are all questions to keep in mind as you start to shop for health insurance. The Marketplace is a great resource for comparing multiple health insurance plans. Doing your research ahead of time will help you find a plan that’s right for you, at the right price.
- Understanding Costs.
When you’re shopping at the farmers market, rather than evaluating products based solely on price tag, you have access to more information about your purchases: if it’s in season, when it was picked and where it was grown. Similarly, you shouldn’t pick a plan based only on a low monthly premium cost unless you know what the trade-offs might be. Doing research when you are looking for a plan can help you avoid extra out-of-pocket costs and plan for your health care expenses well in advance. Plus, some insurance providers offer extras to make your plan more valuable such as health care cost estimators and 24/7 access to virtual care.
Most importantly, remember that searching for an insurance plan doesn’t have to be a stressful process. With the right preparation, you’ll find the process easier. To make a confident, informed decision about your health care, remember to give yourself time, ask questions, and research your options. Before you know it, you’ll be on your way to better, affordable coverage.
