Health & Fitness
Some “Shopping Tips” for Health Insurance
Carefully look at your health insurance premium AND the coverages it buys!
Today’s rising healthcare costs make necessary the need for health insurance coverage. There are numerous considerations for consumers in today’s complex market.
Many face unemployment and eventually lose their benefits. Others must obtain health insurance from the private market if an employer does not offer this benefit or if you are starting a business and need coverage for yourself and possible employees.
Coverage choices are considerable but complex. Here is a partial list of choices that include:
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- Traditional Major Medical
- High/Low Deductible Plans
- Co-insurance/Copay/Network Choices
- Health Savings Account (‘HSA) Qualified Plans
- Supplemental Protections like Critical Illness
- Indemnity Plans, Guaranteed Issue & Pre-Existing Condition Programs
- Health Maintenance Organizations (HMO’s)
- Programs for those with Low Incomes
Health insurance protection is a major household expense and needs to be carefully planned in order to obtain coverages you need while avoiding costs on coverages you don’t need.
A Few Tips:
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1. Never give up what you have until you have other coverage in hand that better meets your need.
2. Look at your plan in terms of the type of healthcare you want. There is a range and can include maintaining your current physician to gaining access to full service Health Maintenance Organizations. It is good to check the physician network and confirm your satisfaction with the providers before enrolling.
3. If you have pre-existing health concerns, you can be pre-screened before applying to a private insurance plan. There are programs and plans available for those with such conditions.
4. Look at the total financial impact of your plan. This includes both your premium payments and costs you are responsible for paying. Make sure you understand both and project your financial exposure.
5. Obtain a range of proposals.
6. Don’t forget Dental & Vision care.
7. Finally, make sure your carrier is sound financially and pays claims for contracted coverages.
There is no substitute for a thorough review of your needs and an analysis of your options. The result can be considerable savings as well as “piece of mind” knowing you have the coverage you need.
Let us know what your experience has been.
