Having adequate health care coverage is important because medical assistance is expensive, and you never know when you might find yourself in an emergency, medical situation. Insurance is a commodity, and without it, you have a chance of going into debt. However, health insurance is expensive, and it is important for you to know what is in a health insurance plan so you can best assess your needs in regards to pricing. The Motley Fool has outlined four things you should know before picking your plan.
1. Know Your Price for Insurance
Every health insurance plan has a premium. Your premium is separate from your deductible. You will also have a co-pay, which means "part of the expense you'll have to pay yourself even after you met your deductible for the year..." A high monthly insurance premium may equate to giving you low co-payments on frequently used medical services, such as regular doctor's appointments like physicals and yearly check-ups. Make sure to review your "plan's summary" to check your co-pays for regular treatments.
2. Formulary Perscription Coverage Knowledge
Formulary coverage is just a list of the drugs covered in your plan. Any drug not listed is one you will have to pay for out of pocket. A majority of formulary plans are categorizied in the form of tiers. Tier 1 will include your regularly consumed medication. Tier 2 will include your plan's chosen selection. Check to make sure the policies you are considering include the medications you need/may one day need.
3. Know the Insurance Network
There are two categories health insurance policies fall under: HMO and PPO. HMO plans allow you to visit any doctor within your insurance plan's network. PPO plans allow you to see any doctor or specialist you choose.
If you are considering an HMO plan, make sure your favorite medicare professionals are within your potential plan's network. If you are considering a PPO, try to do the same. Although PPO plans do give flexibility, PPO plans still have network doctors. This means you can see anyone you want, however, the in-network medical professionals will be cheaper to visit. Even though any doctor you see will be covered through a PPO plan, you can still end up with a stack of medical bills if you are not careful.
4. Do Other People Like the Plan?
Once you have chosen your final options, look at the plan's rate to see what other people think about it. The higher the rating does not necessarily mean the better the plan, but you are most likely better off to choose the higher rated plan vs. the lower rated plan. However, do not let a lower rating deter you from getting the plan you really want/need. In order to get the coverage you deserve, you might have to talk with customer service. Picking the plan that includes the coverage you need is better than picking the higher rated plan that does not assess your needs.
If you have insurance questions or think you have been denied by an insurance agency contact Brent Adams and Associates today at 877.273.6823.