Individual Health Insurance Michigan

Tip: How To Compare Costs and Savings

"When searching for affordable Individual Health Insurance Michigan residents turn to Oakland Insurance Services."

Ask these questions when comparing individual health insurance plans.

• Which type health insurance plan is best for your situation? A Copay Plan, a High Deductible plan or a Health Savings Account Plan (HSA)?

• How much is the deductible? Is there more than one deductible for a family?

• After the deductible is met, is there coinsurance?

• What is the coinsurance out-of-pocket maximum per person per calendar year?

• Is there copay you have to pay for doctor office visits?

• Is there a limit on the number of doctor office visits per calendar year?

• Discuss the wellness/preventive care benefits available.

• Is there a waiting period for coverage? Which type of coverage has a waiting period?

• What type of prescription coverage is included? How much are the copays for prescriptions? Is there an annual cap on how much the policy pays for prescriptions?

• What is the maximum benefit payable per person each calendar year?

• What is the lifetime maximum benefit?

• Is there an initial rate guarantee?

Compare the out-of-pocket exposure for each plan.

For each type of plan compare the following:

• Monthly premium x 12 months. $__________

• Add all calendar year deductibles. $__________

• Add all maximum out-of-pocket coinsurance. $__________

Total $___________________

The total is the approximate maximum out-of-pocket expense exposure for each plan during one calendar year. This number does not include copays for office visits or prescriptions. But it does give you a good comparision of actual costs between plans.

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