Choosing your health insurance can be a bit of a battle. There are just so many different providers offering a range of different policies. That’s why we have some key advice to help you narrow down your options and hone in on a good policy.
- Touch Bases With Your Doctor
The first step should be to get in touch with your doctor. Remember, some health insurance plans funnel their members to specific hospitals and clinics. If your doctor is not on the list, then your visit might not be covered, and you might have to pay expensive out-of-network rates. Make sure you only consider policies that your doctor will accept.
Your doctor is also an ideal person to give you advice on which policies are best for your needs. They do know your medical history after all. If there is anything about health insurance that you don’t understand, then chances are they will able to give you some insight.
- Read Customer Feedback
An excellent way to find out more about different health insurance companies and plans is to read reviews. Doing so you allow you to get detailed insight from customers that have been on a particular plan.
- Understand The Costs
Premiums, deductibles, co-pays: it can all get rather confusing. That’s why is important to make sure you understand these different health insurance terms.
- Premiums are the monthly payments that you are required to make to keep your health insurance active. These will typically have due dates and grace periods. Failing to make on-time payments make cause the insurer to suspend or cancel your coverage.
- A deductible is the amount of cash that you need to spend from your own wallet before insurance kicks in and covers most of what’s left.
- After the deductible is paid you, your next expense will be the co-pay. This expense is typically a fixed-rate sum; however, sometimes it is in the form of a co-insurance payment, which is a percentage of the cost of the care.
- Undertake A Risk Reward Analysis
Remember, the point of getting health insurance is to protect you when crisis strikes. So make sure you do some calculations to determine your level of risk. Take a plan’s monthly premium, multiply it by 12, and then add the max deductible to this figure. The result is how much you should expect to pay if you suffer a medical crisis this year (should you decide on that plan).
You will notice that plans with the lowest detectable often have the highest premiums and vice versa. That’s why you should do the math to determine which is the best deal.
You can determine the risk vs. reward by calculating how much you would need to pay if you didn’t suffer a crisis and how much if you did. If you choose a plan with low premiums (but a high-deductible), then you will be paying noticeably less if you don’t have a medical emergency but more if you do.
Don’t rush things when it comes to health insurance. Your decision could have a major effect on your future. By being diligent and researching all the different options, you are sure to find an option that meets your need and protects you financially.
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