Can you afford to go without health insurance coverage? Paying out of pocket for services, replacements and accidents is often too expensive to be an option. Health insurance is expensive, too, but it reduces your out-of-pocket expenses by thousands of dollars. Here are some tips to help you find the best health insurance coverage to fit your budget:
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Consider how you use medical services and find the best-valued policy for your needs.
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Be certain of the policy’s effective date and terms of coverage. You need to know when coverage is provided, if there’s a waiting period for full coverage, what the benefits include and how coinsurance or out-of-pocket payments are determined.
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If you have savings to cover high deductibles and seldom go to the doctor, consider a policy with a lower premium, but higher deductible.
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Find out if there are exclusions on pre-existing treatments or conditions. If there are exclusionary riders on your policy you will be responsible for any care, treatment or medicine used for that excluded condition.
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Know exactly which services and conditions are covered.
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Understand what the policy premium is, and if it’s paid monthly, semi-annually or annually.
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Make sure you are clear on the difference between an HMO contract, self-funded plan, insurance policy and medical discount plan.
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See if there are any additional fees, like copays or coinsurance.
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Make sure the benefits and covered supplies meet your needs.
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Never give out your bank information or write a check until you are extremely clear on the policy you’re considering.
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Ask for all the printed items that detail the policy’s benefits and how you could use them.
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Find out if your doctor accepts the insurance you’re considering.
When you understand your health insurance policy and all the options presented you will save you money. Ask questions, do some research and insist on full disclosure regarding the policies you’re considering. You shouldn’t accept a policy simply because it’s the first one offered. Take some time to fully understand what your needs are and determine which coverage would be best. You don’t want to skimp on health insurance coverage but you shouldn’t buy a policy filled with fluff you’ll never use.