Checklist #35 · Insurance
Health Insurance Selection
Choose the right health plan based on your expected healthcare usage, financial situation, and provider preferences — not just the lowest premium.
16 action items~15 min to complete4 sections
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Understand the Plan Types
0/10 completed
Learn the difference between HMO, PPO, EPO, and HDHP plansKey
Identify whether you prefer low monthly premiums or low out-of-pocket costsAction
List your current providers and confirm they are in-network for each plan consideredWatch out
List all current prescriptions and confirm they're covered under each plan's formularyWatch out
Learn the difference between HMO, PPO, EPO, and HDHP plansKey
Identify whether you prefer low monthly premiums or low out-of-pocket costsKey
List your current providers and confirm they are in-network for each plan consideredAction
List all current prescriptions and confirm they're covered under each plan's formularyAction
Review plan coverage for preventive care and wellness servicesKey
Check maternity, mental health, and specialty care coverage
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Run the Numbers
0/9 completed
Calculate each plan's total annual cost: (monthly premium × 12) + expected out-of-pocketKey
Identify the out-of-pocket maximum for each plan — this is your worst-case annual exposureKey
Model a 'healthy year' scenario vs. a 'difficult year' scenario for each planAction
Factor in any employer HSA or FSA contribution toward total cost comparison
Calculate each plan's total annual cost: (monthly premium × 12) + expected out-of-pocketAction
Identify the out-of-pocket maximum for each plan — this is your worst-case annual exposureWatch out
Model a 'healthy year' scenario vs. a 'difficult year' scenario for each planAction
Factor in any employer HSA or FSA contribution toward total cost comparisonKey
Account for anticipated out-of-pocket expenses based on age and health status
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HSA Eligibility & Strategy
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Confirm if the HDHP plan is HSA-eligible (minimum deductible thresholds apply)Key
Maximize HSA contributions if you select an HDHP: $4,150 (individual) or $8,300 (family) in 2024Key
Invest HSA funds in index funds if you can pay current medical expenses out of pocketAction
Keep receipts for qualified medical expenses — you can reimburse yourself years laterWatch out
Confirm if the HDHP plan is HSA-eligible (minimum deductible thresholds apply)Key
Maximize HSA contributions if you select an HDHP: $4,150 (individual) or $8,300 (family) in 2024Action
Invest HSA funds in index funds if you can pay current medical expenses out of pocketKey
Keep receipts for qualified medical expenses — you can reimburse yourself years laterAction
Understand HSA rules for non-qualified withdrawals and penalty taxesWatch out
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Making the Final Decision
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Compare plans side-by-side on: premium, deductible, copays, OOP max, and networkAction
Choose based on total expected annual cost, not monthly premiumKey
Enroll during open enrollment — missing it means waiting until the next year (except qualifying life events)Watch out
Set up auto-contributions to your FSA or HSA immediately after enrollment