Trying to choose the best health insurance plan? There is a lot to consider, especially if you’re new to this process. However, a quality policy will protect both your health and finances, so it’s worth your time to get it right.   

And it’s not as difficult as you think. Just focus on these five key factors.    

1. Know What’s Covered 

Not all health insurance plans cover the same medical services. Look for these core benefits:  

 Some plans also cover:  

Tip: When reviewing plans, review what services you’ve used in the past and expect to need going forward—and to see if they’re covered or available at lower rates.     

2. Breakdown the Costs 

You can’t determine if a plan is a good value without understanding these key financial components. Here are a few key terms to look out for.    

Tip: Think in terms of balancing costs with anticipated usage. For example, if you expect to need frequent care, a plan with higher premiums but lower deductibles and copays may be your best value.   

3. Understand Provider Networks 

Many health insurance plans are built around networks of specific healthcare providers. Insurers negotiate lower rates with these providers in return for sending insureds their way, which keeps costs down. As a Pan‑American Life insured, you will have access to an extensive network of medical providers globally. To take a closer look visit our Provider Search today.  

Tip: If you’re between two plans that cover different tiers of providers ask yourself this: What’s more important to you: cost or flexibility?   

4. Research the Carrier’s Reputation  

Obviously, you want a health insurance company that is financially sound, pays claims as promised and provides quality customer service.  

One of the best ways to evaluate a carrier is to look at its industry ratings. Ratings services grade carrier strength and stability based on factors like balance sheets, operating performance and ability to meet its financial obligations. (For example, an AM Best rating of A (Excellent) and Fitch Ratings of A (Strong).  

You might also check with your local regulatory insurance agency and consumer commissions, do some general research and ask people you trust for their recommendations.  

Tip: Choosing the right carrier is as important as choosing the right plan. Research options and think carefully before putting your faith in an insurance carrier.  

5. Make It Personal   

What might be a great plan for you may not be for someone else. When evaluating plans, think about your health history, current health status, budget, and what your future health needs may be. For example, consider:   

All these factors should influence your decision.  

Tip: If you have significant medical needs, a plan with broader coverage is likely worth the higher premiums. If you rarely see a doctor, a high‑deductible plan with lower premiums may be all you need.   

In Conclusion…  

Buying health insurance is important, but needn’t be overwhelming. Identify your needs. Do your research. Compare your options. And don’t hesitate to seek guidance from an experienced advisor—that’s their purpose.   

At PALIG, we offer a range of affordable individual and group health insurance plans in many countries. Your local agent can tell you what’s available to you, help you choose the right plan, and guide you through the entire process.