Health Insurance Matters Now More Than Ever: 4 Tips to Make Sure You get the Right Deal
Even in the best of times, choosing health insurance can be a daunting task. This year, in the midst of the worst health crisis in a century, the stakes are higher than ever. Here is a roundup of some tips to make the process as stress-free as possible:
1. Take a few minutes to get up to speed on the lingo: Copay, POS plan, premium, out-of-pocket maximum – there are a lot of technical terms that you’ll come across when it comes to choosing an insurance plan, and they all have big implications for your wallet. If you’re not sure what they mean, you’re not alone; 50% of Americans in one survey didn’t know what a copay or deductible was. Taking a few minutes to learn some of the key terms will help you feel in control and ready to make the right decision for you and your bottom line.
2. Get an expert on your side: Familiarizing yourself with insurance terms will help ease yourself into the process, but there is no replacement for having an expert on your side. An insurance broker can be your best ally throughout this process. Unlike an insurance agent, who can only offer you options from their own company, an insurance broker can provide you with a wide range of options from multiple companies to ensure that you find the best package for your situation. Start with a simple search for “Health Insurance Broker near me” and you’ll be well on your way.
3. Don’t get fixated on the premium – consider the whole package: The premium is the amount you pay monthly for your insurance plan, so it’s easy to get stuck on that number. However, many plans offer a variety of perks such as free gym memberships. It can be well worth your while to pay a few dollars extra each month if it means you can cancel that $50/month gym membership!
4. Take the time to look into the details of your coverage: With health insurance, coverage details matter. Take the time to look at what prescription drugs and alternative forms of medicine (such as chiropractic) are included and whether the company covers doctors and specialists outside their network. Choosing the cheapest plan may be a bad deal if you’ll end up paying out-of-pocket anyway!
With these simple tips, you can sleep easy knowing that your health is taken care of and that you’re getting the best deal for your money.