Do not approach health insurance with fear. It is true the field is complex and your options are many, but the more you learn, the safer you will feel. Health insurance is similar to healthcare itself. An ounce of prevention is worth a pound of cure. By making smart choices when you select health insurance, you can avoid difficulties in the future.
Individual policies tend to cost quite a bit more than a group plan, so be sure that you plan out your finances accordingly. You might have to choose an insurance with a bigger deductible, or one that has a less coverage, or both. Shop around for the best rates and coverage.
Remember each year to verify what is covered with your prescriptions. Sometimes, insurance companies change which medications they cover. When re-enrollment time comes around, you should always check to make sure your medication is covered. If a regular medication has been dropped and a substitute isn’t acceptable, you may need to find a policy with a different company.
Choosing catastrophic coverage can offer big savings on medical insurance costs. Catastrophic coverage only covers major medical expenses, like hospitalization and emergency surgeries; in comparison, comprehensive covers that, plus most minor health care related costs like physicals and prescriptions.
Each state regulates private insurance on their own, which means you are not allowed to purchase from another state. This would violate interstate commerce laws. An injury sustained and treated out of state may not be covered by your health insurance. Insurance companies are fickle that way, so always make sure you find out first.
Choose the health insurance policy which fits your needs to a “T”. HMOs and PPOs are common choices, but don’t count out POS plans just because of their acronym. Each can be significantly different than the other, so really consider each before deciding. Ensure that you choose the option that allows you to continue seeing the doctor you have been seeing.
Make sure you choose a plan that covers any medications you currently take, as well as the basics, like antibiotics. Reread the list of which drugs are covered every time you re-enroll in your health insurance plan. It’s far better to know in advance than to be embarrassed at the drug store by your sudden inability to pay for your prescriptions.
It is important to check with your medical care practitioners before purchasing a new insurance policy, to be certain your potential plan will be accepted for their services. Look on the insurance company’s website for a list of medical providers they work with.
Since it is cheaper for you in the long run if you are part of a group plan, that is why your rates seem lower when you work for an employer than when you get insurance on your own. The best way to circumvent this is to join an industry group which offers its members insurance at a discounted group rate.
When you get sick or hurt is not the best time to find out you have inadequate health insurance. Be prepared before you need your insurance by making sure that you fully understand your policy and what options you have. Living with poor health insurance is a bad decision, but it is one that you can correct at any time.