Sunday, August 17, 2014

Your Health and Right Insurance Plan

The importance of health insurance until we are at that stage where we actually need it. Having health insurance not only helps us meet our health care needs, it also safeguards our finances. Did you know that a lot of bankruptcies filed in the United States are caused by hospital and medical bills? Premiums can be very expensive, yes - definitely, but not having health coverage could cost us a lot more. 

With the Affordable Care Act (ACA) coming into effect, many Americans are either shopping for health insurance for the first time or looking to switch providers. Selecting a health insurance plan specific to your needs sounds simple and straight-forward enough. But these days, with so many coverage types, policies, and top that with the ever-changing price point, whittling down your choices can be a very confusing affair. Here are some tips on how we can make the no-fun task of choosing a health care plan a little easier and bearable.

Budget

Set a realistic budget you can stick to. Remember, you do not have to get the most expensive plan. If you have no illnesses or medical conditions, consider opting for a less expensive plan. The most expensive plan does not mean it is the best one for you.

Providers

Do consider the network of providers included in the plan. Do you have favorite hospitals or doctors that you would like to continue seeing? Check with them which insurance companies cover their services.

Coverage

Understand the coverage. Will it include your current needs? Say you have a per-existing medical condition, at what point can you use the policy? And what about your future needs? If you plan to start a family soon for example, will the policy cover maternity costs?

Fine Print

Fine print, who reads them, right? I hate to be the bearer of bad news but we (indeed) have to read and understand the clauses, exclusions and limitations of the plan. The good news is, we can always ask questions about anything and everything that stump us. Call an insurance broker, or the company support line. 

Compare plans and read reviews. Talk to people, do some research. You can even get free resources online. Call an insurance broker, or your insurance company support line if you have to. The more informed you are, the more likely you are to figure out the best plan that will work for yourself and your family.

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