How do I pick a good major medical plan?
Focus on the out of pocket maximum. If you have a major illness or injury, the insurance will pay some of the bills. But when will it start paying ALL the bills? It can be when you’ve spent as little as $3200 per person or as high as $20,000 for the whole family.
All the plans here are PPO’s–Preferred Provider Organizations. If you use hospitals and doctors that aren’t approved for your plan, the amount you could have to cover goes up significantly. If you are at all careful, this is only a nuisance costing a few hundred dollars extra. Verify that your plan includes hospitals in your area, plus specialists like orthopedists and physical therapists.
What is “HSA-eligible”?
Anyone can get a HSA-eligible plan. They usually have the best, lowest out-of-pocket maximum. Some people in high tax brackets also set up a “health savings account” (HSA), but that is a separate decision. Get the insurance first–it’s more important, and anyway, you can’t start your account without it.