Choosing More Coverage

Posted on: 1 July 2018

No one knows when they may be seriously injured, become ill, or develop a condition that requires extensive medical care, so health insurance is a necessity. However, buying health insurance can also be quite confusing, regardless of whether you're selecting from an employer-sponsored plan or shopping on the marketplace. Before you commit to purchasing a health insurance plan, it is important to understand what you are buying. Use the following tips when buying health insurance.

Deductible

Like all types of insurance policies, most health insurance plans have a deductible. The deductible is the amount of money that you are responsible for paying before the insurance company will contribute to any of your medical bills. If you are relatively healthy and do not have any chronic health conditions, a high deductible health insurance plan may work for you. Premiums for a high deductible health insurance plan are typically more affordable.

If you or a family member have a medical condition, you will probably be better off buying a health insurance plan with a lower deductible. While you may have premiums that are slightly higher, a lower deductible will make it possible to have your medical bills covered without spending thousands of dollars out of your own pocket first.

In-Network Providers

It is always a good idea to look at an insurance plan's list of in-network providers before you buy a health insurance plan. Ideally, you should select a plan that offers a long list of different providers, so you have ample choices when it comes to choosing what doctor to see or what facility to seek care at. If a plan offers a limited number of in-network providers, it may be difficult to schedule appointments with the providers listed, since there can be longer wait times.

Prescription Coverage

Many people take medication to manage a variety of conditions, and purchasing prescriptions out of pocket is not cheap. A good health insurance plan should have prescription coverage that makes it affordable to purchase medications when they are needed. If you currently take medication, check to see if a health insurance plan that you are interested in provides coverage for the medication.

Maximum Out of Pocket

After a deductible is met health insurance companies begin covering portions of your medical bills, but many health insurance plans still require you to pay co-insurance, which is a percentage of the total bill, or co-pays, which are a set amount for different types of services. Health insurance plans typically have a maximum out of pocket amount per calendar year; make sure you know what the maximum out of pocket expense is before you purchase a health insurance plan. 

For more information, contact a company like http://continsurance.com/.