Picking the best health insurance plan can be challenging, even if you choose from your employer. Besides the confusing terms, your health needs and finances are factors too. Hence, whether you are aging out of your parent’s/guardian’s health insurance, you are uninsured, or you want to switch from your current insurance company, there are factors you should keep in mind. Here are expert tips on picking the right health insurance:
Know where and when to enroll for Right Health Insurance
Depending on your location, you need to know where and when to enroll for health coverage. Start by determining where you should go to inquire or enroll and when you are due to avoid the last-minute rush. If you are unsure where to start, check online or visit relevant offices.
Review plan options
A common mistake people make is assuming everything they hear or are told. Remember, we all have our preferences, choices, and needs, and if a plan is perfect for me does not mean it can work for you. Therefore, take time to review plan options, check and compare available insurance plans and ask the right questions before deciding. You can start reviewing the options online and then advance to the insurance company’s offices to learn more about the plans. Remember, even if you like the current insurance plan, reviewing other options can help you save money or get better coverage.
Compare the estimated annual costs
While most people consider the monthly premiums only, estimated annual costs can prove useful. If you consider the estimated annual costs, you will know the plan’s deductible, copays, out-of-pocket costs for covered services, and the health care you expect to get. To pick the best health insurance plan, always consider everything to avoid losing money unnecessarily.
Consider your healthcare needs
We all have different healthcare needs, which should be a determining factor in choosing the best health insurance plan. Although your age is a factor, you can use other unforeseen factors like accidents or diagnosis. For those who need prescription drugs, always consider choosing the best plan and saving money. You can visit your doctor to get a professional opinion on your healthcare needs. Alternatively, you can always refer to your health needs from the previous years and then make some adjustments.
Get professional advice
Do you know that pros seek their living by offering professional health insurance advice? You do not have to take risks or guess while getting everything you need from a pro. You can search online for facts, recommend health insurance companies like MoneySmart or ask questions. If you are not sure where to start, most health insurance companies have websites and social media platforms where you can engage them to learn more. If that does not work, give them a call or book an appointment.
Avoid the too good to be true plans
While looking for a reliable health insurance plan online, be cautious because you can be duped. Some people are selling too good to be true plans online, and you can become a victim. Always buy insurance plans from a renowned insurance company like MoneySmart, read the reviews and check their reputations. If you take a shortcut, you can end up losing money or thinking you are insured while you are not. Con artists are smart, and they know people are desperate to save money. Therefore, they create schemes to attract uninformed people.
Here is a checklist you should follow when choosing a health insurance plan:
- Deductible – always choose the plan that has a lower deductible.
- Network – the health insurance company should have a vast network to give you numerous options to choose from. Your doctor should be in your plan’s network to avoid inconveniences.
- Providers – your primary doctor and specialists should be in your healthcare plan to avoid extra costs. Enquire before purchasing the healthcare plan.
- Prescriptions – different plans have different coinsurance for covered prescriptions. Review your health insurance plan to know the covered prescriptions.
- Value-added benefits – although you cannot choose a health plan due to added benefits, it is better to choose a plan with value-added benefits like discounts, 24/7 support, and access to mobile apps.
Choosing the right health insurance plan is not easy, especially if you consider value for money. Take your time to consider the tips mentioned above and seek relevant help to choose correctly. MoneySmart is an insurance company that can help you fulfill all your healthcare needs. They work with renowned major insurance providers like AIA, Aviva, and AXA.