Questions You Should Ask Your Health Insurance Agent
Recent legislation is requiring all individuals and families to obtain health insurance
. Because of this many have taken on the task of finding the right health insurance plan that fits their budget and provides the necessary coverage for themselves and their families. Shopping for health insurance can be overwhelming with the numerous choices of coverage, limitations, and premiums. Asking your health insurance agent the right questions can help you make the responsible choice for you and your family.One of the first questions on anybody's mind is how much is this going to cost. While this is a valid question the decision for a health insurance plan should not be based on premium costs alone. Some insurance plans do have the glamour of having low premiums but are you really saving money? It may seem initially you are indeed putting less money out but in the long run and given a situation where you may be sick or injured you may find out that you are spending much more than you initially thought.
The reality of health insurance plans is that they do not cover complete medical costs. Some of the burden still lies with you and how much of that burden is yours depends on the deductible. The deductible is the amount of money you will have to pay towards medical bills before the health insurance benefits can be used. In low premium health insurance plans, the deductible is often significantly higher than a policy with a slightly higher premium. So while you may be paying a lower premium you may be responsible for a larger portion of the medical cost burden.
The out-of-pocket maximum is a limit that is set by your policy. This is a predetermined limit of how much you will have to pay towards medical bills before the policy will cover costs completely. Keep in mind that the maximum out-of-pocket expense does not include the expenses paid on the premium. Both deductibles and the out-of-pocket maximum are annual amounts meaning the amount you pay towards medical bills resets at the beginning of the year. If you are taking out health insurance for you and your family be sure to ask what the deductibles are per individual and total as a family as well as the out-of-pocket maximum.
The questions covered here are only a small handful of questions that you should ask your health insurance agent and are focused on the money you will be spending both in premiums and deductibles. Other questions that you should ask your insurance agent will depend on your individual needs and the needs of your family. Ask questions about coverage such as what kind of procedures are covered, what is the coverage for inpatient care, or will this policy cover pharmaceutical needs for me and my family. If you or a family member has a pre-existing condition be sure to ask if it will be covered by the policy or not.
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