How to Compare Federal Health Insurance

If you get your health insurance from your employer, you only get one chance each year to get it right. The open enrollment period is your opportunity to find the federal health insurance plan with the lowest out-of-pocket expenses and the best value for your money. Taking the time to research and compare your options can get you more bang for your health care buck.

Things You'll Need

• Policy documents

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Instructions

• 1

  Log on to each company's website and find the provider directory. Look for each doctor and specialist you currently use to make sure they participate in that company's network. If your current medical providers do not participate, the insurance plan might pay only a small fraction of the charges, or none at all.

• 2

  Check the details of each policy for a list of preventive screenings and routine exams included in the coverage. Determine whether those exams are free of charge, or if they require an additional copay or deductible.

• 3

  Compare the deductible for each plan you are considering. A slightly more expensive policy could be the better bargain if the deductible is lower.

• 4

  Find the total out-of-pocket costs for each plan, including copayments, deductibles and monthly premiums. Compare the total cost for each plan and use that information to make a decision.

• 5

  Ask your benefits representative about any payment accounts that can offset the cost of the plans. For instance, you may be offered a high-deductible health plan that includes a health savings account funded by the company. If so, you could save money with lower premiums, while having the cost of the higher deductible financed by your employer.