Page 7 - Northbridge Companies 2018 OE Guide_Fomatting corrections (002)HLD

Be A Smart Consumer

Making Your Medical Plan Decision
Northbridge Companies provides you with choice in your
medical benefits, so you can select the plan that will best
suit your needs. The type of benefit plan you choose
should be based on your general approach to health
care, your needs and your budget. Before you make
your choices, we suggest you follow the steps below.

1. Evaluate your needs:
Think of your personal needs for the upcoming year.

• In the event of a catastrophic event, how well could you handle Get More From Your Benefits
your portion of unexpected medical expenses?
• Are there services you are likely to need in the future? Which You can get more from your benefits, just by
plan would best cover these? making smart decisions.
• Are you covering dependents, or will you add dependents this  Preventive care check-ups are no cost to
year? What are their needs? you! Take care of yourself and get your
annual preventive screenings.

 Ask for generic medications. Generic
drugs are equivalent to brand-name drugs
2. Compare the costs: in dosage, safety and strength but cost
Insurance costs are made up of more than just monthly less, because they don’t have the develop-
premiums. Consider the following components, and try to ment costs of new drugs.
estimate your expenses and premium costs under each plan.
 Use the online wellness resources and
• Premium: What you pay monthly for coverage. discounts available through your medical
insurance company.
• Deductible: The portion of expenses you must pay before the
plan will pay for most non-preventive services.
• Copays: A flat dollar amount you pay for specific services (your
deductible is usually waived for services that have copays).
• Member Coinsurance: A set percentage of the cost for cov-
ered services that you are responsible for paying.
• Out-of-Pocket Maximum: The maximum amount you are
liable for each year under the plan.

3. Compare the plan features:
Review each plan for its coverages and limitations.

• Refer to the insurance company’s plan descriptions for more
details on each plan.
• Consider the advantages of the Health Savings Account.
• Human Resources if you have questions.

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