There are many things you should consider when choosing health insurance, but experts say the first thing you should do is review your finances.
Gather your insurance bills and payments as well as your bank records from the past year and tally up your total insurance costs for 2015. Get a feel for what you spent on your current health insurance, and what you spent on out of pocket costs. With this information you can more easily determine if you should be in a high deductible health insurance plan with a low out of pocket maximum, or if you should be in a low deductible health insurance plan with a higher out of pocket maximum.
Everything basically feeds into your total annual out of pocket costs – office co-pays, prescription co-pays, and your other payment responsibilities outside of your premium. So, when you hit that maximum total, your insurance then kicks in and covers the rest. The question is, what makes the most sense for your situation regarding your out of pocket costs? Here’s a few scenarios that you can start with: