Over the last few years health insurance has been a major topic of conversation in just about every social circle, especially with Obamacare and all of the changes that it’s created.
Many consumers wonder why they should spend so much money every month on something that they “don’t need”, but in fact it’s much more complex than simply needing or not needing health insurance. Below are 7 Tips that will help you to understand a lot better why you need health insurance and what to look for as well. Enjoy.
Tip #1: While insurance might cost a lot of money, having no insurance can cost a lot more
There are certainly a lot of ways to save on health insurance, but not getting health insurance shouldn’t be one of them. The reason is simple; even the medical bills from a minor accident can quickly destroy any savings that you might have, and a major accident or illness can bankrupt you quite easily.
Tip #2: Take any employer offered insurance plan that you can
When it comes to health insurance, group coverage that’s subsidized by your employer is usually much better than anything you can get as a private citizen. That goes for people who are young and healthy as well and, if you’re the opposite of young and healthy, employer insurance is definitely going to be cheaper.
Tip #3: Take as much time as you need to compare plans
Health insurance will vary from consumer to consumer and there’s simply no such thing as standard coverage. You need to take as much time as possible to examine each plan, and its benefits and features, as closely as possible in order to make the correct decision, and save the most money.
Tip #4: The best health insurance plan isn’t always the cheapest plan
Many consumers make the mistake of simply taking the cheapest health insurance plan but, the fact is, what your plan covers is sometimes much more important than what you pay upfront for your premiums. In other words, the “cheapest” plan is the correct combination of premiums and benefits.
Tip #5: No matter what plan you get, most have drawbacks
In most cases, your health insurance will cover you if you have to stay in the hospital as well as Doctor visits and the basics. When it comes to mental health coverage however, as well as dental care or prescription drugs, these usually aren’t covered, or can be but only if you pay higher premiums.
Tip #6: Flexibility costs money
If you want to be able to go to whatever Doctor or healthcare provider that you wish, your premiums and/or copayments will definitely be higher. Usually the plans with the lowest out-of-pocket cost have specific networks, with specific doctors, hospitals, labs and so forth. If you want the lowest price, don’t expect to be able to use whoever you choose.
Tip #7: If you lose your job, you don’t necessarily lose your health insurance
There are state and federal regulations in force that protect you from losing your health insurance coverage in the event that you lose your job. Unfortunately, your premiums might increase significantly when you do, and there’s no protection against that.