Healthcare costs are often high and unpredictable — 53% of those without health insurance reported problems paying medical bills. Thus, it’s crucial to make sure you don’t have to pay out of pocket in an emergency, as well as for the routine care you need to stay healthy.
However, few of these sources will tell you that not only is it worth it to get coverage, but important to get the right coverage. Studies show that those who purchase individual health insurance plans often make mistakes — which can result in thousands of dollars of unnecessary expenses over the course of the year and a plan that doesn’t cover your personal needs, among other issues. This article will offer five key things to consider when choosing a plan
Understanding How Health Insurance Works Is Key
Though most people are insured through their employer or qualify for Medicaid/Medicare, those who are not will need to review and purchase an individual plan. When selecting a plan, an understanding of a few of the basics can help. How it works is easy: After you’ve selected a plan, you’ll pay a monthly subscription, also referred to as a “premium.” You’ll also pay some additional costs fees for certain visits and treatments. These payments are capped at a certain amount so that your finances are protected and you can receive the care you need if you have big medical bills during the year. Your insurer pays for part of all of the costs covered in your plan from there to help protect you from the bigger expenses your medical care might incur.
The Lowest Premium Isn’t Always Best
Health insurance plans can get confusing when you’re translating all of a plan’s details into how much it will likely cost you over the course of a year. Many people default to the lowest monthly premium assuming that is enough. But, it can end up costing you more in the end because you didn’t factor in other costs. For example, if you have a chronic illness, or if you’re planning to have a baby, you can actually save money in the long run by paying a higher premium, because plans with higher premiums usually have lower deductibles or copays. The same goes for people with specific medications which might not be covered or have high copays under lower-premium plans. So consider how much your routine needs will cost under plans you’re considering.
Seek Convenience, Reliability And Access
Navigating the healthcare system can be confusing and stressful, especially when you’re sick. So the support and service your insurer gives you can save you an immeasurable amount of time and stress. Explore the technology that comes with your plan. Some insurers have apps that help you find and talk to doctors, book appointments, estimate costs, and quickly see your healthcare history. Pay attention to the customer service that you receive as you evaluate and explore plans, as well as what might be included in your plan once you sign up. You should be able to have access whenever to support whenever you need it, as often as you need it.
Look For Freebies And Perks
Your health insurer benefits when you stay healthy, and some have started offering perks and services that can really save you time and money. For example, many insurers now offer telemedicine and rewards for staying fit. If you’re a fitness buff already, these features can save you some easy money; and if you’re not, they can be the extra nudge you need to start getting healthy.
Ask A Lot Of Questions
Don’t be afraid to ask as many questions as you need. The health insurers you’re considering should be more than willing to provide information and answers throughout your entire relationship, start to finish. This can include what kind of coverage you’ll receive, if the care you want or need is covered, whether a health savings plan (HSA) is an option, or if you qualify for subsidies to make your plan less expensive. Explore every detail of what’s included in your plan — what kind of access to physicians and care you’ll receive, and of course, any costs. Discuss these items and all that you want to learn or need before you pick a plan. It’ll help you save money, give you the care you need, and make the most out of your relationship with your insurer.
The January 31 deadline to sign up for individual insurance is quickly approaching, and that can mean less time to fully consider your options and make choices. But, with these tactics above you can circumvent confusion, and ultimately make the best health insurance choice.
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