Health Insurance Oversights You Could Be Making
Looking for health insurance is a complicated but necessary process. You want to keep yourself and your family healthy, but don’t want to break your budget doing it.
Finding the best policy for your needs is easy when you avoid these four common health insurance oversights that can leave you overpaying and underinsured.
- Mistake: Focusing on the wrong aspects of your insurance plan
You work hard for your money and want to get the most value possible for every dollar spent, so as you comb through your health insurance options you may pay closer attention to what you think are better deals.
Low premium and deductible amounts are very enticing, but look a little closer and you may find that those plans can end up costing you more in the long-run. What percentage co-pay do you get with each plan? How much are your overall medical bills likely to be?
The answers to these and other important questions should be considered along with premium and deductible amounts to choose your best coverage option.
- Mistake: Thinking you don’t need to have health care coverage
You eat a balanced diet and exercise five times a week, you don’t smoke and don’t drink and you always maintain a trim figure. You’re as healthy as a horse, so you don’t need health insurance, right? Wrong.
Being healthy means that you get the best premium rates for individuals in your age and income bracket, however, it doesn’t mean that you should go without any form of health insurance at all.
Unexpected health issues can come up at any moment and can leave you paying out-of-pocket to the tune of thousands of dollars if you are not covered.
- Mistake: Not having coverage for your eligible children
Did you know that in many cases you can still carry your young-adult kids on your health insurance? Even if your child has attained legal adult status, that doesn’t mean they have to get their own individual health care plan.
The Affordable Health Care Act stipulates that even if your child no longer lives with you or goes to school, they can remain on your health insurance plan until they turn twenty six. This is also true even if you don’t claim them on your income tax as a dependent.
- Mistake: Not doing thorough research before selecting a plan
It’s tempting to rush through the health insurance selection process. However, carefully sorting through your options and selecting an ideal health insurance plan can mean saving lots of money and having no regrets when you actually go to access your plan benefits.
It is also important to re-evaluate your insurance policy with each renewal, as circumstances may have changed for you or your provider since the previous enrollment period.