What do you need in a new health insurance plan? If this is your first insurance experience, take a look at the questions to ask before you select a new policy.
What Size Deductible Do You Need?
A higher deductible can save you money in the price of a premium. But this doesn't mean a lower monthly (premium) rate is always the best option. If you get sick, need surgery, have a serious injury, or require an expensive medical service, the high deductible may cost you more.
The deductible is an annual amount you'll need to pay out of pocket before the insurance covers your medical costs. If you have a $5,000 deductible and $5,500 worth of medical bills, the insurance will only cover $500 at most. Co-pays and co-insurance payments will cost you money beyond the deductible amount.
While a lower deductible typically comes with a higher premium price, this option could save you money—especially on a high-priced service or if you require substantial medical care.
Do Pre-Existing Conditions Matter?
Current insurance plans won't exclude you or make you pay more if you have a pre-existing condition. Whether you have diabetes, high blood pressure, or another chronic/serious medical issue, you won't need to pay more just to cover the costs of healthcare maintenance or treatment.
Can You See Your Doctor?
Do you want to keep your doctor? The insurance plan you choose may limit the medical provider you choose to use. Before you choose a plan, ask the insurance company which providers are in-network. If your doctor isn't on the list, you can continue to see them. But it's likely you'll need to pay the higher out-of-network price. Over time this can cost you in unnecessary medical expenses.
Along with your doctor, ask the insurer whether the policy covers your preferred medical facilities or hospitals. A nearby hospital may seem like the ideal option of you need surgical care or diagnostic testing. If the hospital isn't in-network, you may need to find a new healthcare facility. Like individual medical providers, out-of-network hospitals/facilities will cost more.
Are There Separate Prescription Deductibles or Costs?
Will the money you spend on doctor's visits or hospital care count towards your prescriptions? Most insurance plans have separate prescription deductibles or related costs. The insurance company can provide you with a list of common medications, deductibles, and coverage amounts. This can help you to get a better idea of your out-of-pocket medication expenses.
To learn more about health insurance, reach out to a local insurance provider.
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