Jeremy Ohara

Jeremy Ohara

Five Factors to Consider When Buying Health Insurance

  Jan 16, 2024
Reviewed by Ravinder Kaur

As technology has started to bring innovation and advancement in the medical field, the prices of treatment have risen as well. Inflation affects the reach of healthcare for many people. That is why having a medical plan is a must to consider.

There are more than a dozen companies that have plenty of health coverage plans for individuals and families. This will make it challenging for the individual to get the right plan for themselves.

To help you choose the right plan to cover your emergencies and needs, here are a few factors that you need to consider:

The Range of Plans

range of plans

Speaking of when you are looking for options online, the internet is filled with too good-to-be-true options for policy buyers. There is no probability of the information or company you are applying for.

So, to learn about the institutions, you need to check their types of plans. There are many alternatives that offer standard plans with a range of products to suit your various needs and requirements. By comparing these institutions, you will choose the one that offers a diverse range of plans and coverage to meet your future medical needs.

Premium Rate


It is noteworthy for you to check the pricing policy when you are planning to get health insurance. Pricing policy is how much premium a company is charging with regard to their competitors.

You can check the prices and compare the similar plans across different companies. It will take some time and research to pick the right plan for the coverage. But it will help you find the insurer that will charge you the least and offer fair coverage. You can compare health insurance quotes online to find a suitable insurance plan for yourself and your family.

The Network Hospitals.

network hospitals in group

When you are picking the policy for your needs, the network of hospitals plays a pivotal role in cashless claims in the process. The wider the network your insurer will offer to you, the better it will be for you in emergencies.

This way, you have fewer struggles with the cashless treatments near your location. So, keep an eye on the network of hospitals and bring ease to your life.


These are statistics from the report called “The State of U.S. Health Insurance in 2022” published by The Commonwealth Fund. According to this study, more than two of five working-age adults are inadequately insured. 

Another fact that the survey put out to the public was that when asked the people, Half (49%) said they would be unable to pay for an unexpected $1,000 medical bill within 30 days. This included 68 percent of adults with low income, 69 percent of Black adults, and 63 percent of Latinx/Hispanic adults.

This data shows the necessity of having health insurance in the United States, especially in current times

Claim-based Ratio

There are many institutions that follow the practice of increasing expenses when you go for a renewal of the policy. If you have made a claim in the previous year, you will have to pay more money for the renewal of the coverage.

This practice is not effective for you. So, try to avoid such companies when you are in the hunting process.

Coverage of Medicines

Coverage of Medicines

The other thing that will make your coverage the right decision is the range of benefits that will be offered to you. There are numerous organizations with different plans.

You need to ensure that your policy covers the medicines or provides access to the health specialist that you are, or you will eventually be prescribed by the professionals. You can make a list of your current medications and compare the plans accordingly.


Health insurance is nowadays a necessity more than a luxury. Having health insurance can cover a lot of expenses that you might have to bear in the future. However, the decision-making process of picking the right alternative is not at all an easy task. 

If you have not got any insurance plan for yourself or for your family yet, now is the best time. But before that, please consider emphasizing some integral points like the range of plans, premium rates, the network hospitals, claim-based ratio, and coverage of medicines.

If you consider all these points and make a wise choice, you will end up with an amazing coverage plan that might cover all risks.