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Why Picking a Health Plan Is So Confusing
Even health and policy experts struggle to choose health care each year. Here’s what to know.
David Johnson and Terri Brady met at Harvard while both were working on master’s degrees in public policy. He became an investment banker, specializing in complex financial instruments like derivatives and options. She added a law degree from Columbia.
When the couple moved to Chicago and needed to figure out which health insurance plan to select from Brady’s employer, it felt natural for the duo to set up a spreadsheet. They’d simply calculate tradeoffs among the different plans, such as annual premiums and deductibles. After hours of frustration, however, the couple came to a realization.
“It was impossible to know for sure which approach would cost the most money,” recalled Johnson, now a health policy consultant. “It actually ended up being pretty complicated math.”
Welcome to open enrollment season. In contrast to general end-of-the-year cheer, selecting a health insurance plan typically conjures feelings of confusion and inadequacy. There’s a nagging worry that you’re wasting money, picking a plan with in-network doctors who will give you inadequate care — or both.
