Choosing best health insurance!
It is very important to maintain one’s health but it is not enough. One also needs to have a good health insurance. These days, a wide range of insurance plans are available and employers also offer a number of insurance plans. One can choose from among these plans and see which one suits your requirements perfectly. Before making any decision, it is very important to consider several options and then determine which plan would be perfect for you.
5 things that one must consider before choosing a health insurance are–
- One of the most important things that need to be considered is the amount that needs to be paid for covering expenses. In situations when one is suffering from cancer, it will be surprising to see how fast one reaches that limit. If the option of maximum lifetime benefit is not offered by a plan, you need to select annual maximum and highest available maximum that can be afforded. No maximum lifetime benefit will be offered by an excellent plan.
- Other aspect of a plan that must be looked into is deductible that needs to paid annually. It is important to find out about this amount as it will be going out from your own pocket before past cost is started being paid by the insurance. Before covering office visits, some of the insurance plans ask for the payment of deductibles. A co-payment is also required by some insurance plans for office visits not counting amount deducted towards deductible.
- Another thing that is important to be considered is the amount pertaining to coinsurance and copayments. Copayments are the cost that needs to be shelled out up front when going to a doctor, an emergency room or a specialist. Similarly, amount mentioned in every bill for which you are responsible after its part has been paid by the insurance is referred to as coinsurance. 80/20 is the commonest coinsurance amount. 80% of the cost will be paid by insurance and 20% of the cost will be paid by the insurer.
- One must also consider plans that list out of pocket maximums. Once this limit was reached, everything else will be covered by the insurance, copayments being an exception. If a health insurance plan with high deductible has been opted, maximum out of pocket costs must be similar to the deductibles. These days, hybrid plans are available that offers copayments even after deductibles have been met. Such accounts lack qualifications for saving accounts for health.
- Last but not the least, add how much one has to pay from a specific plan if anything worse happens. It is important to add insurance cost that will be paid by you for a plan. In case, you do not enjoy a good health, you need to choose a plan that costs minimum possible out of pocket amount throughout the year. If you enjoy good health, a plan must be chosen where lowest premiums need to be paid.
Keeping above tips in mind will help you pick up best health insurance for yourself.