Don't Get Health Insurance Until You Understand These 5 Things
Does your health care insurance policy meet the minimum standards
? Do you know what is NOT covered? How good is their network of physicians? How well is it priced? Are you getting the best deductible?You should be sure that your medical care insurance carrier is in fact a health-care insurance company and meets the minimum standards for your state.
Some companies selling what appears to be medical care insurance are selling discount plans. These plans can lower your medical expenses in some scenarios, but do not provide substantial coverage. They will often use carrier names that are sound very similar to the names of well-known medical care insurance companies.
The best way to make sure that you are dealing with an actual medical care insurance company is to check with your state's department of insurance. They will have a list of approved healthcare insurance companies.
You should know what a given health-care insurance company covers and does not cover. You should read the outline of coverage or brochure for any medical insurance policy you are considering. There will be a section that mentions the "exclusions and limitations." Read this section carefully. Most of the items in this section will be the same from policy to policy. However, this won't be 100% the case. Make sure that you are comfortable with the things the plan doesn't cover.
You should understand how good their network is near your home. Is your doctor in the company's network? If not, are there other physicians in the network who are located conveniently? Is your local hospital in their network? Will you be able to get emergency coverage when you are on vacation in another state?
If you are a have a second home that you live in for extended periods, it is important to know if you can get your non-emergency care in taken care of in the area of your other home as well. Most health insurance policies will cover emergency care well whether or not you use network providers. However, many will not cover non-emergency care well if at all if the services are performed outside of the network.
You should know if a plan is well priced. Make sure that it is competitively priced when compared to other similar health insurance policies from other health care insurance carriers. You may be surprised to know how much of a price variance there is between similar health insurance policies.
You should know whether a contract is priced well when the deductible and other cost shares are concerned. This involves doing a little arithmetic. When comparing two similar policies with different deductibles, be sure to annualize the deductible and the price when judging policies. Often when we do this, we are able to pick out bargains. Although it is true that when you pay more for a contract you can expect to have a lower deductible and vice versa, you may find that the cost drops faster than the deductible rises.
Look at your net cost for health care in different situations. This will help you determine whether a carrier is charging too much for a low deductible contract. Calculate your total costs for your health care expenses when you include not just your annualized premium and your annualized deductible and other cost shares. You will probably find that a medium or even a high deductible plan will be your best option.
The more knowledge you have the better choices you will make regarding your medical care insurance contract. Knowing if a policy meets your state's minimum standards, knowing the limitations of the plan, making sure that the network is adequate and being able to judge prices and deductibles are all important when it comes to finding the best health insurance contract for your family.
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