Consider Your Coverage Limits
The primary thing to consider is how much each plan will pay to cover your expenses. An excellent plan will have no lifetime benefit maximum. Although these limits may seem high at first look, if you were to deal with a health problem like cancer, you may be surprised at how fast you will reach that limit.
Don’t Forget Out-of-Pocket Expenses
Consider the amount of your annual deductible. Remember, your deductible is the amount that you will have to pay out-of-pocket. Some insurance plans may have you pay the deductible before they will cover routine office visits. Others may require a co-payment for office visits and do not count that amount towards the deductible.
Also, take into consideration how much your copayments and coinsurance are. Your copayment is the amount you are required to pay after you have paid your deductible. Your coinsurance is the amount of each bill you have to pay for after you’ve paid your deductible.
Total Your Maximum Costs
Finally, add up how much you will end up paying from every plan including monthly premiums, copayments, and coinsurance costs. If you have a chronic condition, you may consider a plan with a higher premium and more coverage. If you are in relatively good health, you may choose the plan with the lowest premiums.
– The best policy may not always be the least expensive one
– Look for ways in which you can save once you have your health insurance
– Do not forget to include plans offered by your employer in your search
Maximize Your Plan
Once you have found a suitable plan, it is important to make the most of your policy. Read the benefits booklet from cover to cover. Ensure that you understand the different rates that are charged for different services. For example, an x-ray may be covered at an urgent care as part of the visit, but may not be covered if your doctor orders one and you have to go to a different lab to get the x-ray.
Verify coverage before any medical procedures or major medical events, like a surgery. Ensure that you limit urgent care and emergency room visits and visit your doctor instead. It is also important to carefully review the medical bills that you receive and point out any possible mistakes. The process may take time, but it is essential to make sure you are being billed correctly.
