Health coverage might be one of the most important investments you ever make. If your coverage isn’t adequate and disaster strikes, you could be left heavily out of pocket. What’s worse is that you might have to settle for lower quality medical care!
While being uninsured isn’t as bad as some would have you believe, it’s definitely not a position anybody wants to stay in. Whether you’re looking for coverage because you currently don’t have any, or whether you’re looking to switch plans, we’ve got you covered. Read on to learn more about what matters when choosing a policy.
1. Which Providers are Covered
These days health care providers tend to work in networks, and not all networks are covered by all insurance plans. If you have certain hospitals or medical centers nearby or that you prefer to use, then make sure they’re covered before signing up to a plan. It’s pointless to have coverage which you can’t actually get much use from, or if you have to pay extra to use your preferred services.
2. Pharmaceutical Coverage
Some insurance plans only cover medical emergencies and treatment. They don’t cover any prescriptions. Other times there’s a partial cost for prescriptions, or the payment terms only apply to regular medication. If you have a regular prescription, make sure your insurance covers it. In some cases the coverage varies by medication, so check the terms carefully and see how they apply to you.
3. Premium Costs
This is the one which stands out to most people – the monthly premium cost. Most people are looking for a lower number but that isn’t always better. Cheaper coverage can have a high deductible payment if you make a claim to balance it out, which is only a good idea if you’re highly unlikely to need the insurance – and can make that large payment in an emergency. Other times the level of coverage you get isn’t great with cheaper plans. Again you have to figure out what your needs are and get a level of coverage that’s right for you.
4. The Deductible/Excess
We already mentioned the insurance deductible, or the excess payment. This is the amount you would pay in the event of a claim. That usually means that any medical expenses which are less than the deductible amount, you’d be better paying for out of your own pocket. So this is effectively the level at which your coverage starts, and you need to have this amount on hand to make a claim. Go with a figure that’s comfortable for you and your life situation, even if it means a higher premium.
5. Extra Perks
Does your insurance plan come with any extra perks? These days there are a lot that have perks available. This might be a discount for certain brands or stores, or a complimentary membership to a wellness club or health center. You might also have discounted gym memberships, complementary health club passes, or access to other services. If some of these are truly useful to you, think of what value you would place on them – or even what cost they are saving you from elsewhere.
No Comments