Eight Factors to Considering in Selecting the Ideal Individual Health Insurance Policy
Thanks to the U.S. News's Best Health Insurance Plans, selecting a health insurance plan that is right for you has become significantly easier. Our easy-to-use plan finder allows you to locate the right plan at the right price for you. Even then, there are a few factors you should be weary of, such as deductibles, premiums, co-insurance and co-pays. Below is a checklist which you should go through which would allow you to make savings in the thousands, or even tens of thousands in case you or a family member of yours falls ill:
a) Figure out the "essentials": Barring sudden illness of accident, some medical needs can be predicted beforehand. For example, if you have a history of heart disease in your family, then it makes sense to have the cost of cardiac screening tests and related medicine covered by your insurance plan. The Affordable Care Act gives men, women and children entitlement to more than twelve preventive services which includes vaccinations and various tests as long as they are provided by the doctor within the plan's network.
b) Get only what you need: Avoid making the mistake of insuring yourself with things you don't need. You should choose a plan with high deductible if you are young and healthy. For example, a plan with a $1200 deductible will end up saving you money over a long period of time since it would cost you less per month.
c) Pay close attention to the network: If there is a doctor or specialist you prefer, ensure that they are listed in the network of the plan you are looking to commit in. Policies tend to cover a low percentage of costs incurred by out-of-the-network care, if any at all.
Patient Safety-Importance And How To Implement It
d) Be sure of your own costs: State requires the policy plans to outline the amount that you will have to pay through co-pays and co-insurances, which are types of cost-sharing schemes in which you have to contribute a portion of the medical costs incurred. When you are unwell, even small portions of these cost-sharing schemes will go a long way, and in cases of expensive medical services, this scheme can even generate savings in the thousands.
e) Check that your medicines are covered: You should make sure that the medicines that you take regularly are there in the plan's list of medications, also known as the plan's formulary. This is particularly useful if the medicines that you are required to take are expensive.
f) Find out the yearly limits on services and coverage: The yearly limit on coverage is set to be removed entirely during 2014, all thanks to the health reform. Till then, individual policies cannot impose a limit of less than $2 million per annum. Still, the Affordable Care Act allows the plans to set a limit on services which are not really seen as "essential"; in some instances, you can also get a waiver which would still allow you to have the annual limit fixed.
g) Always remember your dependents: Nowadays, plans and policies can no longer leave out your children under 19 because they have pre-existing health issues. If you have children under the age of 26 who are not covered by any health insurance of their employer, you have the legal right to include them in your insurance policy.
h) Consider multiple plans: It does not take a long time to analyze the pros and cons of insurance plans. It is especially important because plans that seems great at first could reveal, after careful examination, cost-sharing particulars that will leave you saddled with heavy medical expenses. The plans that are rated by U.S. News would show these "hidden" features in their website on a single page. You can also contact an individual by reaching the National Association of Health Underwriters to walk you through the intricacies of these schemes.
a) Figure out the "essentials": Barring sudden illness of accident, some medical needs can be predicted beforehand. For example, if you have a history of heart disease in your family, then it makes sense to have the cost of cardiac screening tests and related medicine covered by your insurance plan. The Affordable Care Act gives men, women and children entitlement to more than twelve preventive services which includes vaccinations and various tests as long as they are provided by the doctor within the plan's network.
b) Get only what you need: Avoid making the mistake of insuring yourself with things you don't need. You should choose a plan with high deductible if you are young and healthy. For example, a plan with a $1200 deductible will end up saving you money over a long period of time since it would cost you less per month.
c) Pay close attention to the network: If there is a doctor or specialist you prefer, ensure that they are listed in the network of the plan you are looking to commit in. Policies tend to cover a low percentage of costs incurred by out-of-the-network care, if any at all.
Patient Safety-Importance And How To Implement It
d) Be sure of your own costs: State requires the policy plans to outline the amount that you will have to pay through co-pays and co-insurances, which are types of cost-sharing schemes in which you have to contribute a portion of the medical costs incurred. When you are unwell, even small portions of these cost-sharing schemes will go a long way, and in cases of expensive medical services, this scheme can even generate savings in the thousands.
e) Check that your medicines are covered: You should make sure that the medicines that you take regularly are there in the plan's list of medications, also known as the plan's formulary. This is particularly useful if the medicines that you are required to take are expensive.
f) Find out the yearly limits on services and coverage: The yearly limit on coverage is set to be removed entirely during 2014, all thanks to the health reform. Till then, individual policies cannot impose a limit of less than $2 million per annum. Still, the Affordable Care Act allows the plans to set a limit on services which are not really seen as "essential"; in some instances, you can also get a waiver which would still allow you to have the annual limit fixed.
g) Always remember your dependents: Nowadays, plans and policies can no longer leave out your children under 19 because they have pre-existing health issues. If you have children under the age of 26 who are not covered by any health insurance of their employer, you have the legal right to include them in your insurance policy.
h) Consider multiple plans: It does not take a long time to analyze the pros and cons of insurance plans. It is especially important because plans that seems great at first could reveal, after careful examination, cost-sharing particulars that will leave you saddled with heavy medical expenses. The plans that are rated by U.S. News would show these "hidden" features in their website on a single page. You can also contact an individual by reaching the National Association of Health Underwriters to walk you through the intricacies of these schemes.
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