What to consider when Purchasing Health Insurance

It is important to have health insurance, but it is also important to do research to find the plan that is right for you and your family. There are some things to consider when purchasing health insurance. 

When looking at health insurance policies, it is important to take into consideration how many people will be covered and what kind of coverage you will need. A single person will need a different policy than an entire family. Also consider how often you expect to file claims throughout the year. Although many instances may come up unexpectedly, you may have conditions and illnesses that necessitate numerous doctor visits and treatments annually. 

If you do not visit the doctor on a regular basis, you may want to consider a policy with a higher deductible, which in turn will likely have a lower premium. The deductible is the amount of money you pay each year for medical services before the health plan starts paying part of your bills. You continue to pay a percentage of each bill until you reach the plan’s out-of-pocket maximum. Then the plan will pay 100 percent of the covered expenses for the rest of that year. Along with deductibles, also ask if there will be co-pays. A co-pay is the amount you must pay for each doctor visit, usually $25 or $50 per visit. Once you meet your deductible amount for the year, the provider then collects the remainder of the bill from the insurance company,

If you regularly take a number of prescriptions, it may be advisable to look at health insurance policies that have prescription coverage. 

If you have a pre existing condition, your premiums are likely to be higher than normal and your choices of policies may be limited. Even though you will be paying more for premiums, it is still worth having insurance to cover a majority of your medical expenses. 

You may be able to get lower premiums if you are able to purchase group health insurance through your employer, associations or purchasing pools.  

If you have certain health providers and clinics you regularly go to, make sure you can continue with them with the policy you are considering. Some health plans utilize a network of providers; make sure your provider is part of that network. In some cases, you may be required to get a referral to see a specialist.  

There are several things to consider when purchasing health insurance to find the plan that is right for you.