How to Compare Medical Insurance Plans

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Comparing medical insurance plans is extremely important and should be done prior to signing with any particular company. Compare medical insurance plans with help from the president of The Stratford Financial Group, Inc. in this free video clip.

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Video Transcript

Hello, I'm Jeffrey Ingalls; President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. And right now, we're going to talk about how to compare medical insurance plans. When comparing any two medical insurance plan choices, you will want to perform two equations. The first is a benefits value equation and the second is out of pocket equation. You will need to have a solid understanding of both plans and the medical services and pharmacy services that each will cover. You will also want to have a firm understanding of the deductibles, co-pays, maximum out of pocket and coverage differentials and benefits of importance for each of the plan choices. Next, you will need to determine your likely out of pocket under each plan choice. Again, taking into account the likelihood of co-pays, deductibles and co-insurances and keeping in mind that not all out of pocket expenses attribute and aggregate towards the maximum out of pocket. You will need to determine a likely out of pocket figure. You should take that figure and add it to the plan's premium or in a group insurance setting, add it to the employee's contribution to develop a financial total as to your out of pocket for a given time period, probably a year. You can also remember to refer to your insurance carrier or the insurance carrier other available choices, you can refer to their member portal. This will give you some insight as to their plan, the benefits, the network of providers that are available and if you're a current subscriber, your previous claims history. I'm Jeffrey Ingalls. I'm the President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. We can be found online at and you just watched how to compare medical insurance plans. Thank you.


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