Healthcare is a top concern for women business owners. You want to make sure that you have affordable health care coverage and benefits. With today’s economy and the rising cost of health insurance, it is hard to find affordable health insurance plans, especially for women. But no matter if you are a man or a woman, health insurance is vital to your physical, emotional, and financial wellbeing.

How to choose an affordable health insurance plan

There are many different plans you can choose from for yourself and your family. First, you need to determine what benefits are important to you.

Below is a list of some of the important points to consider.

• Hospitals and physicians that are in the network of the plan you choose
• Co-insurance
• Doctor visit co-pays
• Annual deductible
• Monthly premiums
• Prescription benefits and co-pays
• Lifetime Maximum Coverage
• Out of pocket annual maximum
• Health Savings Account Qualified Plans

Women-Specific Issues

Maternity and Birth Control are two very important issues to women when choosing a health insurance plan. You should make sure, when choosing a plan, that the plan offers maternity care and prescription drug coverage.

Maternity Coverage

It is advised that every woman chooses a health insurance plan that includes maternity coverage. A plan’s cost does increase when maternity coverage is added but the costs in the long run are minimal. Without maternity coverage, if you were to become pregnant, you would not be able to add maternity coverage or switch plans. Pregnancy is considered a pre-existing condition and you would become uninsurable. The extra $50 or so a month is worth it if you are planning to become pregnant in the future or if it may be accidental.

Birth Control

Birth control of any kind, i.e. oral contraceptive pills, the birth control patch, or the Nuvaring is usually available as a prescription drug with a co-pay. Prescription drugs come in a wide range of prices and choosing a health insurance plan that divides prescription drugs into tiers is very affordable. The tiered option makes it easier for you and your doctor to choose the lower-cost option for the prescription drug, such as birth control, you may need.

Each tier has a co-pay level for covered prescriptions within that tier. The health plan you choose sets the co-pay price for the drugs covered. Tier 1 is your lowest co-pay choice, or generic drugs. Tier 2 is your mid-range co-pay choice that includes covered brand name drugs.  Tier 3 is your highest co-pay choice and includes all other covered prescription drugs.

When you have a choice, generic drugs are the most affordable. They are versions of the brand name drugs you know and are required to have the same active ingredients at a reduced price. Generic drugs have been approved by the FDA and are as safe and effective as the brand-name versions. Make sure you speak to both your doctor and pharmacist and ask for the generic version of the drug being prescribed to keep health care costs low.

Health Savings Account (HSA)

Health Savings Accounts, or HSAs, are a combination of a high deductible health insurance plan and a tax-favored savings plan that allows a tax deduction for the individual it is owned by. HSAs were formed to empower individuals to have greater control over their health care decisions. They are available for individuals who are enrolled in a high deductible health plan, are not enrolled in Medicare, are not covered by another health plan and are not claimed as dependents on someone else’s federal tax return. HSAs are perfect for women who rarely go to the doctor except for annual exams and screenings.

Advantages

• Give you the flexibility to pay on a pretax basis for qualified medical expenses not available in some traditional health plans. Qualified medical expenses can include dental, orthodontics, visions, and non-prescription medications.
• Deposits are not tied to expenses in a particular year and can be rolled over for future expenses.
• In catastrophic situations, the maximum out-of-pocket expense liability can be less than that of a traditional health plan.
• Premiums are generally lower than traditional health insurance plans.
• When you file for taxes each year, any deposits made during that year into your HSA will be tax-deductible.
• You can keep an HSA even if you change jobs or insurance companies.

Disadvantages

• HSAs have been rejected by some because of opinions that they only benefit healthy, younger people.
• Critics believe that low-income individuals and family do not earn enough to benefit from the tax-breaks offered by HSAs.
• There are limits to the amount that can be contributed to your HSA. If you contribute in excess of the maximum contribution amount, the excess amount is not tax-deductible.

Top-Rated Health Insurance Companies

Aetna Health Insurance Company

Aetna is one of the nation’s leaders in health care, pharmacy, dental, group life, and disability insurance, and employee benefits. Aetna’s health care network consists of more than 874,000 health care professionals, more than 506,000 primary doctors and specialists, and approximately 5,000 hospitals serving more than 17.6 million medical members.

Aetna offers a broad range of insurance products and they were the first national, full service health insurer to offer consumer-directed health plans. Aetna provides members with access to tools and information to help them make better, more informed decision about their health and financial wellbeing.

Anthem Health Insurance Company

Anthem, a subsidiary of WellPoint, offers large networks of some of the region’s best physicians, specialists, and hospitals. Anthem works with physician, hospitals, and other providers to help ensure that care is accessible and timely to everyone.

Anthem’s Lumenos plan is an innovative consumer-driven health plan for individuals and families. The majority of Lumenos plans begin with preventive care to maintain your health. Lumenos plans often include HSAs to help pay for medical care and prescriptions. All Lumenos plan members can receive health tools and services to help you stay informed. Services and tools include an online health assessment to measure your overall health, a personal health coach program, smoking cessation program, and weight management program. They also have a 24 hour nurse hotline when you need a quick answer to a health care question.

Humana Health Insurance Company

Humana is one of the nation’s largest publicly traded health benefits companies with approximately 9 million medical members.

UnitedHealth Care Health Insurance Company
UnitedHealth Care 

Research Resources at Health Plan One

There are plenty of resources throughout Health Plan One’s website that can help you make an informed decision about your health insurance plan. Health Plan One offers the broadest selection of individual, family, small business and group health insurance plans. With a 6 Day/Week Call Center, expert customer service is provided through knowledgeable representatives. 

 Instant health insurance quotes are available online.