Shortcuts for Choosing Medical Insurance
When you’re desperately in need of medical insurance, each minute that ticks by seems like an eternity. Don’t waste your precious time on research and steps that you don’t really need.
Here are some fast and simple shortcuts you can use to choose the right medical insurance for you and your family in record time.
- Find out Your Insurance Eligibilities
The first step to choosing medical insurance is to find out what you are actually eligible to receive.
If you already have Medicare, Medicaid or insurance coverage through your place of employment, you are already covered and do not need to look for additional medical insurance.
However, if you are uninsured or paying for your own medical insurance policy, there may be subsidies that you can access that may give you better coverage and lower premiums.
Important factors that guide the types of insurance you can get include:
• Income level
• Household size
• Healthcare requirements
If you’re still not sure what kinds of health insurance you are eligible for, it’s best to speak with a well-qualified health insurance agent who will provide the insight you need.
- Determine your Deal Breakers
Once you know what kinds of insurance plans you are eligible for, the next step to choosing your health insurance plan is identifying your “deal breaker” factors.
These are features that your health insurance policy must have in order for you to purchase it.
Common deal breakers include:
• Choice of physician.
• No referrals required to see a specialist.
• Non-generic pharmaceutical products.
• Online customer service.
Identifying your deal breakers helps to find suitable options faster by weeding out the non-viable choices.
This also lets helps you find the exact type of healthcare coverage you need quickly and outlines how much you have to pay to get it. On the other hand, the less deal breakers you have, the more options you have access to for your health insurance coverage.
- Choose a Coverage Level
The next step is choosing an insurance coverage level that meets your requirements and suits your budget.
Coverage levels are typically broken down into four groups: Bronze, Silver, Gold and Platinum. Each level offers many of the same coverage benefits, however the amount of each benefit and the cost-sharing differences for each policy varies dramatically depending on the level you select.
The lower the coverage tier, the less your insurance pays and the higher the deductible. Using your current and projected health care needs is the best way to determine the level of coverage you should select.
For younger and healthier individuals, Bronze and Silver coverage levels may be suitable. However, for older individuals or those with more complex health issues, Gold or Platinum coverage is usually the best.
For a more comprehensive explanation of all the different aspects of health insurance coverage, be sure to check out our Health Insurance Guide.