9. Benefit options with higher deductibles and co-insurance should charge lower monthly premiums.
10. For each plan, add the amount you will pay in premiums annually to the amount of the estimated medical expenses you will pay before your deductible is met (for instance, if you have a $500 deductible and estimated medical expenses of $1,000, you will pay $500 before the deductible is reached). This is your total out-of-pocket cost for health benefits each year.
11. Now look at the total out-of pocket expenses you have calculated for each health plan option. The health benefit plan with the lowest total is the most cost effective one for you!
Not all health insurance is the same, so examining these factors will give you the data you need to make an informed choice. AskHealthCue to get more information or have some of your more complicated questions answered.
