Before selecting a plan it is advisable to have outlined your income and monthly expenses. It’s also important to take into consideration the health of each family member under your policy, and if you plan to add an additional family member to your plan. The following tips should help you get a cost-effective and comprehensive plan that meets your needs:

  1. Estimate your anticipated medical costs for the coming year and compare the coverage options. Don’t forget to include these when estimating future medical expenses:
    • Preventive care, including annual exams and immunizations and routine visits for spouse and children
    • Prescription costs
    • Emergency room visits, especially if you have children active in sports or susceptible to accidents
  2. If you plan to have another child, estimate that labor, delivery and hospitalization will likely make up a good portion of your expenses. With a low-deductible plan, your insurance will start covering a portion of these costs right away, whereas a high-deductible plan won’t kick in until you’ve paid the deductible.
  3. Carefully review all the benefits included in the plan of your choice and review their limits to find the plan option the offers the right coverage for you.
  4. Narrow down your choices by comparing your total expenses, sum up your expected premium and potential medical costs, and align it to your budget.