Choosing The Right Policy For You
There are so many carriers offering health insurance, it’s hard to tell them apart.
And each carrier has a variety of plans — some are perfect for individuals, some are
for families, others are tailored to retirees. How do you know which is the best one for you?
Determine Your Needs
Before you choose a plan, think about what kind of coverage you need. Questions you should
ask yourself include:
- What is my medical history? You may want a plan that offers extensive
coverage for hospital visits and specialist care. Think about your
family’s medical history, too. If you’re at higher risk
for inherited problems — such as diabetes, heart disease, or
high cholesterol — you’ll want to make sure your plan
will cover you if you develop those conditions.
- What are my needs now? Do you already have a medical problem? You’ll
want to avoid plans that exclude coverage of pre-existing conditions.
You can find affordable plans that will cover pre-existing
conditions, but they often have waiting periods before coverage starts.
If you have a condition, but don’t need immediate treatment,
getting into a plan now is your best bet.
- What will my medical needs be in the future? Of course, no one
can predict the future. But there are some needs that you can predict.
For example, are you going to start a family? Not all policies cover
maternity care, so read them carefully. If you don’t plan to
start a family, you can save money by going without maternity coverage.
And many carriers make it easy to switch plans if you change your
mind, and decide to have children later on.
Determine Your Budget
You want to protect your health. But you don’t want to go broke in the process. How
much can you reasonably afford to pay for insurance? These are the costs to think about:
- Premiums. This is the monthly cost of insurance. Generally, you
can get lower premiums by having a higher deductible.
- Deductible. This is the amount you’ll pay before your
insurance starts covering your medical bills. Your deductible might
seem high — but many policies cover preventive
care and prescription
drugs before you have to start meeting (paying toward) your deductible.
You may want to consider enrolling in an HMO
plan, which will usually
have no deductible.
- Co-payments. Your co-payment — called a “co-pay” — is
a fixed amount that you pay for services like doctor and hospital
visits. Co-payments don’t go toward meeting your deductible.
- Co-insurance. Co-insurance is an amount you are responsible for
paying for medical services after the deductible is met. Co-insurance
is expressed as a percentage. For example, your policy might pay
80% of a hospital visit, and you’d pay the remaining 20%.
Generally, paying higher monthly premiums will lower your deductible, co-payments, and co-insurance.
To save on their monthly expenses, many people choose health
plans with high deductibles.
To learn more about your health insurance options, talk to an agent. Get
free quotes today,
and our service will match you with qualified professionals ready to help.
