Making Choices About Individual Health Insurance
Finding individual health insurance is a task no one enjoys. Health insurance is especially troublesome to compare and shop. Medical insurance companies seem to be trying to outdo one another to get your business. It's even more complex because each plan has different expenses, deductibles and other large and small details. Here are some major points to consider when shopping for a health insurance.
Take Premiums Into Account
There is a major cost associated with a medical insurance. This cost is the monthly payment, also referred to as a premium. You will pay this premium each month, whether you use your insurance or not. Any health insurance you receive should state the monthly premiums up front.
Costs Associated With Each Claim
Additional costs may arise when you make a claim. There may be a fixed cost associated with each doctor or hospital visit. Alternatively, the amount you pay may be a percentage of the total costs. The amount and type of costs will vary with the policy, your medical issue, whether the service provider is in network, and other factors. Make sure any medical insurance you receive clearly lists these costs.
Your Deductible Costs
With many individual health insurance plans, benefits do not begin until you pay a certain amount first. This is called the deductible, because the insurance company deducts it from the amount for which they are willing to pay benefits. Plans with high deductibles often have lower premiums, and vice-versa. Make sure that your medical insurance clearly states any deductable.
Out of Pocket Costs
The insurance may not cover the entire claim amount even if the deductible has been paid. Patients are often responsible for paying a small percentage of the post-deductible expenses. This percentage can be 20 percent to 30 percent, depending on your policy. When you receive a health insurance, be sure that you understand these out of pocket costs.
Seeking Treatment Outside Your Network
There are some insurance plans that pay a higher benefit when you use doctors recommended by the plan. These doctors are considered "in network." It is therefore advisable to use only doctors who are listed as part of the network. If you are traveling outside of the network, you may not able to do this. For that reason, read your medical insurance carefully to make sure you know whether there are any difference in benefits when you use doctors outside the network.
Shopping for health insurance can make your head spin. It is an worthwhile task, though, and you can save yourself a fortune if you ever have a medical emergency. The best way to manage the job is to get medical insurances from several different companies and compare them. Your comparison should include all of the issues listed here, as well as any other costs and details that arise. If you follow these steps, you will be ready to select the individual health insurance plan that works for you.
Ed Brancheau, The Insurance Egghead (http://www.insurance-egghead.com/), is a specialist in helping businesses, families, and individuals select individual health insurance (http://www.insurance-egghead.com/individual-health-insurance.html). For more information about insurance, including health, dental, vision, accident and life, visit his website, The Insurance Egghead.
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