What You Need To Know Before You Buy Your Health Insurance
Reading through health insurance plans can be tedious work. People tend to get intimidated when they see the long pages of policies and information that need to be filled up. There’s no running from getting one, though, because it is as essential as getting a job to live. Protection of some degree when it comes to life and health is vital. Getting insurance shouldn’t be a hard question of whether to get one or not. We all have to remember that with just one accident or one diagnosis, it is enough to get ourselves to fall into debt, and sadly, burden our whole family.
So when it comes to choosing your health plan, do consider these things:
CHECK YOUR EMPLOYER’S OFFERED HEALTH PLAN
Some of us get lucky to be landing in jobs where insurance is part of the employee’s benefits. Some of the company’s health plans are tied up in a group where you are also taken out of the group insurance when you are no longer part of their company. However, this plan can be beneficial to any member who is notably not in good health or have pre-existing conditions.
If your company only offers the plan to you, do consider checking on the inclusions if it is indeed what you need or there might be a need to get a better policy of your own. That’s because, with group insurance plans, the premium is based on the group’s average health.
CHECK IF YOUR DOCTOR IS COVERED
There is also a need for you to consider whether your insurance plan covers your current physician. HMOs are usually the most restrictive ones. If you plan to retain or keep your current doctor, you might want to ask him first if any health plan covers them. Some insurance plans limit the medical professionals only in their network, so check on the choices available in the package. However, there are other plans that come at a higher rate, like PPOs that let you choose your doctor. There’s also the POS plan that costs even more but allows you to choose your doctor.
CHECK IF YOUR MEDICAL PRESCRIPTIONS ARE COVERED
In the same way that not all health insurance plans cover all doctors, the same is true with some of your prescription drugs and all other services like therapies, medical procedures, and other alternative medicines. Also, most do not cover maternity as hardly any insurance does. Bear in mind that even if you’re not planning on having children at the moment, the chances are, you won’t be able to add maternity coverage to an individual policy if you change your mind later on. So before you decide on any plan, make a list of all the coverages you first would like to be included in your plan and choose from that list.
CHECK COVERAGE OF YOUR PREMIUM
Other people tend to decide based on the amount of premium they are willing to pay. But some plans with lower monthly premiums could be the ones that cost more eventually. How can that be possible, you ask? It’s because plans with lower monthly costs usually make it up in other ways. There are traditionally co-pays that are your payments for some service that make a small percentage of fees, firstly. Second would be the annual deductible, to mean that before the insurance would step in, you would have to pay the first specified amount as an out of pocket each year. Some don’t allow that even when you have paid for the deductible, you still have to pay coinsurance.
CHECK YOUR DEDUCTIBLES
Opting for insurance plans with high deductibles has its benefits too. Though it may be frightening to have to shell out a few thousand first, it makes you save up for the deductibles and help keep you in good health. Most comprehensive health plans require such deductibles that can also be covered by your HMOs.
These are just some of the things one has to consider before they opt for a specific health plan. As always, nothing beats being prepared for the future and knowing what you’ll need. This way, you plan better and cover almost where you need to be covered, not just in health but even on other things. Also, by considering the points above, you plan better and get your money’s worth.
Based on Materials from Forbes