Whether you are thinking about selecting a health insurance plan at work for you or getting your own, there is a chance that you have some questions about health insurance and costs. Here are five things everyone who is shopping for health insurance should know:
- Understand the insurance plan
Before you have enrolled yourself for a health plan, it is best that you find out more about the coverage. You can get a copy of details from the insurance company. You should look for things like the certificate to see what services are covered under the plan, what are the service limitations and what is not covered. You must also know how to access your insurance when you need it.
2. Your health plan is an insurance policy
The health plan that you have chosen is going to be your insurance policy. It is a legal contract that says you will make premium payments to the insurance company in return of which you will get certain benefits. It is a not a bank account in which all the premiums you pay each month are stored. It is a promise that the insurance will pay for all the costs involved when you make a claim.
3. Your employer’s plan might not be the best insurance deal
Your employer might be offering health insurance which may not be costly to your needs. It can always give you access to the group plans but if you are paying for this insurance and you are in good health, it is better to get your own policy. For the same price, you can get your own health insurance which may offer a better coverage.
4. The insurance might not cover your prescription drugs
We all know health insurance plans don’t cover all doctors. Similarly, they don’t cover all benefits as well. Your insurance policy might not cover certain drugs and certain benefits such as maternity coverage
5. Lowest premium plan is not always cheap
Many individuals are attracted to the lowest premium plan for the insurance. It may seem cheap but it is the other way round. You have to submit the co-pay which can be costly. You also have to pay the annual deductible. It is the amount that you have to pay before you use your insurance for some major expense.
Choosing the right health insurance policy is not an easy decision, but it is an important one.
