Guide to Buying Health Insurance
Guide to Buying Health Insurance, Here are the basic steps you need to take to make sure you get a plan that meets both your budget and your healthcare needs:
1. Learning the language of health insurance
Almost every health insurance policy consists of several main components. To make an informed decision, you need to make sure you know the definitions of these terms:
The monthly payment you make to the insurance company in exchange for medical coverage. Ex.) If it is a group health insurance, the premium is paid in full or in part by the employer on behalf of the employee or the dependent persons of the employee.
Guide to Buying Health Insurance, The fixed fee paid by the policyholder for office visits, emergency department visits, and prescriptions due during the service. Eg) Your health insurance plan requires a $ 15 surcharge for an office visit or a prescription drug, after which the insurance company often pays the remainder of the fees. Check out the various options for health insurance plans and offers immediately to learn more.
Amount of money you have to spend on your own medical expenses before you start insurance coverage. Please note that monthly bonuses and surcharges are not usually included in your deductible. For example, choosing a plan with a higher deductible can reduce your monthly premiums to a lower one.
Percentage of medical expenses for which the insured is responsible to the maximum of his own pocket. Eg) If your insurance benefits cover 80% of the X-ray fees, you will have to pay the remaining 20% (co-insurance), even if your annual deduction has already been paid.
Out of pocket max
Also known as the stop-loss limit, this is the maximum amount of money the insured will pay before the insurance company starts paying 100% of the costs. Ex.) If the annual OOPM is met by paying a deduction, co-payment, and co-insurance, the insurance carrier will pay the remaining costs for that year.
This is the maximum amount that the insurance company will spend on a patient in his lifetime. Eg) This term may be in the fine print of the plan you are considering, but make sure that the maximum life of the plan is at least $ 2 million.
Health savings accounts
Guide to Buying Health Insurance, To take more control of your own medical expenses, you can create a health savings account (HSA) in which you can invest pre-tax income. As long as you use the money for health expenses, it will not be taxed. These bills are accompanied by high-deductible health insurance plans that ensure you are covered for medical expenses that exceed the money in your bill. Eg)
2. Assess your situation
Knowing your priorities will help you narrow down your choices and weigh the pros and cons of each plan. Here are some questions you need to answer before you start shopping for politics:
What monthly premium can I afford?
Do I want coverage for preventive care or just in case of a serious illness or accident?
Who has the largest or most convenient network of suppliers for my lifestyle?
Do I want more control over my medical resources?
3. Take advantage of free expert advice
Guide to Buying Health Insurance, There are literally hundreds, if not thousands, of health plans to choose from. Once you have assessed your needs, you can benefit from the help of the healthcare exchange either through online tools or through a telephone conversation. The healthcare exchange can quickly filter your information and present you with several alternatives that meet your personal requirements. Services like Getinsured.com specialize in individual insurance and are equipped with experts.
They will help guide you through the process from choosing the ideal plan to completing your application and receiving your policy. And since this service is free, there is no reason not to take advantage of this incomparable opportunity.
4. Honesty is the best policy
Some people fear that if they tell the truth in a health insurance application, they will be rejected. Yes, given the current laws, it is likely that if you already have a pre-existing condition, you may be denied. However, if you lie about such a condition, the insurance company will certainly know that it can legally cancel your policy. It is in your best interest to be honest. Even if you already have a pre-existing condition, you may be eligible for some catastrophic coverage. Talk honestly and confidentially with a health insurance agent – you may be surprised by what you learn.
5. Buy health insurance separately when needed
Guide to Buying Health Insurance, Just because a family member has a pre-existing illness does not mean that the whole family cannot be covered. The family can be covered by separate plans. For those who are not sick, buy an affordable, comprehensive plan. The person who is harder to cover still has options. If you can afford it, there are guaranteed release plans. Others may choose to be covered in the event of an accident. Others may choose to participate in non-insurance discount programs. Of course, combinations of these approaches are also possible, see our explanation of the basics of family health insurance for more information.
6. Only consider plans that cover your preferred doctor and hospitals
Even if the plan boasts a huge network of providers, take the time to make sure your favorite doctor is involved. If not, you may find out too late and be forced to choose between paying significant fees offline and choosing a new doctor. The same goes for hospitals. Make sure that the hospitals that are included in the network of the future plan are not only considered high quality, but also conveniently located.
7. Make a comparison next to each other
Once you’ve narrowed down your choices, rank the final contenders and write down the bonuses, online deductions, office surcharges, AM Best ratings (measure the insurer’s ability to pay claims), co-insurance, and any other attributes that are important to you.
8. Get short-term coverage, if necessary – without interruption in coverage
Guide to Buying Health Insurance, The most important principle in health insurance is never to be without it. If you have recently graduated from college or are in between jobs, you may be tempted to avoid the hassle and expense of providing temporary coverage. Ultimately, as soon as you get this job, you will be eligible for an employer-sponsored plan. This is dangerous gambling; if you get sick or have an accident while you are not covered, the results can be financially devastating.
Guide to Buying Health Insurance, If the job doesn’t work out, you may be without health insurance for longer than you planned. Short-term coverage is available for 30 days and up to one year. This varies from country to country. Premiums and deductions can be adjusted to suit your needs, and applications can be approved very quickly.