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What You Should Consider When Buying Health Insurance

Far too often, consumers will only look at the monthly premium when determining the right health insurance for them. The monthly cost should definitely be a factor, but focusing on only price can cause grief and end up costing you more in the long run. So what else should you consider when shopping for health insurance?

The Infamous Deductible

The Deductible is a set dollar amount that a policyholder needs to pay before insurance will pay for most services. By buying a low monthly cost health insurance policy with a high deductible, you could end up spending thousands more in case of medical emergency. Always weigh your health situation with the monthly premiums and deductible.

Provider Network

We have all been there. You or your child gets sick, and you go to your preferred doctor only to find out that your insurance policy isn’t accepted there. At that point, you either have to pay out of pocket and hope your policy has a good out-of-network benefit, or go searching for a new, unfamiliar doctor. The provider network is always available and up to date online. Check to see if your providers and hospitals are covered. Some short-term health insurance plans have no network, meaning that insurance will pay a sum based on the service provided at nearly all providers. In that case, it’s best to check with your insurance to see what they will cover, and confirm with your provider that their pricing is in line with what the insurance will pay.

What Insurance is Best for You?

Not all insurance is built equally, and what may work for you might not work for your neighbor. Assess your medical needs and health situation before shopping for insurance. Some people may require a platinum-tier Obamacare plan because they are constantly in and out of the doctor’s office or hospital, while some people may just want the reassurance that a Health Benefit Insurance Plan offers--it includes limited benefits like a fixed -indemnity payment to you if you need medical services due to an accident or illness, and may be bundled with lifestyle benefits like prescription discounts and telemedicine. By spending a little time determining your needs, you may save yourself thousands of dollars.

Pharmaceutical Coverage

If you take medication, check to see if your medications are covered, if you will be required to buy the generic, and what the copay on your medications will be. If you have not researched this, there could be a problem. A medication covered on your old insurance plan that cost only a few dollars now could easily cost over $100.

Dental

Most dental procedures aren’t covered by health insurance. These procedures can be costly, but premiums for dental insurance can be very low. It’s a good idea to buy dental insurance when you buy your health insurance. Get a quote now.

Short Term Health Insurance is health insurance outside of the Affordable Care Act ("Obamacare"). Health Benefit Insurance is comprised of fixed indemnity and may include supplemental insurance products and non insurance supplementary health products/services; it is not major medical insurance. Neither Short Term Health Insurance nor Health Benefit Insurance cover pre-existing conditions, they do not include all ten of the minimum essential benefits of Obamacare, and you may be subject to the Affordable Care Act Uninsured Tax (The 2017 Congressional Tax Reform Act does not eliminate this tax until 2019). You can learn more here.