Individual Health Insurance: What's Right For You?
by Edward M. Brancheau
Shopping for individual health insurance is a tedious and tiresome task. Health insurance is especially troublesome to compare and shop. There are thousands of companies that want you to buy medical insurance from them. What adds to the complexity is the sheer number of different plan details, such as deductibles and coverage options. If you are feeling lost in the health insurance maze, these points may help you find your way out.
Check the Monthly Premiums
Medical insurance brings with it some major costs. This cost is the monthly payment, also referred to as a premium. Even if you do not use your insurance in a particular month, you still pay the premium. Your health insurance quote should clearly show the premium cost.
Costs Incurred With Any Claim
Additional costs may arise when you make a claim. Doctor and hospital visits may be associated with a fixed cost. Alternatively, the amount you pay may be a percentage of the total costs. The costs you incur may vary with the care received, the service provider, and other factors. You should expect any medical insurance quote to explain all of these costs.
Your Deductible Costs
Individual health insurance plans frequently require you to pay a fixed amount before the benefits start. This fixed amount is called a deductable, so named because the insurance company deducts this amount from the amount they pay out in benefits. Plans with higher deductibles often have lower premiums. Make sure that your medical insurance quote clearly states any deductable.
Out of Pocket Costs
The entire claim amount may not be covered by your insurer even after you have paid your deductable. Patients are often expected to pay a certain percentage of the post-deductable expenses. This percentage can be 20 percent to 30 percent, depending on your policy. When you receive a health insurance quote, 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. The insurance company calls these doctors the 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. In that case, be sure your medical insurance quote explicitly states any differences in network costs.
Shopping for health insurance can make your head spin. Few tasks are as important, however, and you will save yourself a fortune should you ever suffer a medical emergency. Comparing medical insurance quotes from several different companies is the best way to tackle the job. Make sure to consider the points listed above when making your comparison, as well as other costs and details. Then you will be in the best position to choose the individual health insurance plan that is right for you.
by Edward M. Brancheau
Shopping for individual health insurance is a tedious and tiresome task. Health insurance is especially troublesome to compare and shop. There are thousands of companies that want you to buy medical insurance from them. What adds to the complexity is the sheer number of different plan details, such as deductibles and coverage options. If you are feeling lost in the health insurance maze, these points may help you find your way out.
Check the Monthly Premiums
Medical insurance brings with it some major costs. This cost is the monthly payment, also referred to as a premium. Even if you do not use your insurance in a particular month, you still pay the premium. Your health insurance quote should clearly show the premium cost.
Costs Incurred With Any Claim
Additional costs may arise when you make a claim. Doctor and hospital visits may be associated with a fixed cost. Alternatively, the amount you pay may be a percentage of the total costs. The costs you incur may vary with the care received, the service provider, and other factors. You should expect any medical insurance quote to explain all of these costs.
Your Deductible Costs
Individual health insurance plans frequently require you to pay a fixed amount before the benefits start. This fixed amount is called a deductable, so named because the insurance company deducts this amount from the amount they pay out in benefits. Plans with higher deductibles often have lower premiums. Make sure that your medical insurance quote clearly states any deductable.
Out of Pocket Costs
The entire claim amount may not be covered by your insurer even after you have paid your deductable. Patients are often expected to pay a certain percentage of the post-deductable expenses. This percentage can be 20 percent to 30 percent, depending on your policy. When you receive a health insurance quote, 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. The insurance company calls these doctors the 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. In that case, be sure your medical insurance quote explicitly states any differences in network costs.
Shopping for health insurance can make your head spin. Few tasks are as important, however, and you will save yourself a fortune should you ever suffer a medical emergency. Comparing medical insurance quotes from several different companies is the best way to tackle the job. Make sure to consider the points listed above when making your comparison, as well as other costs and details. Then you will be in the best position to choose the individual health insurance plan that is right for you.
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