HOW TO PICK A HEALTH INSURANCE PLAN

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We both know that healthcare is complicated and can as well be very expensive. If you’re a woman, you’ll agree to the fact that having a baby can cost you about $35,000. The average cost of a three-day hospital stay is about the same figure while managing a broken leg from bicycling or skiing could cost you about $8,000 on average.

Signing up for health insurance coverage can help you manage your medical bills. It is the best way to reduce your medical costs to a manageable amount by sharing the risks with other people. Most people across the country are healthy most times which means the premiums they’ve paid helps to pay for medical bills of the few people who are injured or unwell.

Ask yourself these three questions when picking a health insurance plan:

  • How Much Does the Health Insurance Plan Cost?

There are two ways through which you can pay for your health insurance coverage-out-of-pocket expenses when receiving medical care and monthly premiums when purchasing the plan. The out-of-pocket expenses usually comprise of copays, coinsurance and deductibles. Those who choose to higher premiums upfront end up paying very little when they are receiving medical care. There are different plans and you can purchase the one that fits your financial situation as well as your health condition.

Individuals who are already suffering from a costly medical condition can choose a plan with higher premium that will cover most of their medical costs while those who are generally healthy can pay a lower premium since their medical costs are most likely to be lower.

  • What does it cover?

One of the things you need to ask from your employer is a summary of Benefits and Coverage. The form contains what is covered in the plan and what isn’t covered. Any health insurance plan you purchase will pays for hospitalization, preventive services, prescription of drugs, laboratory tests, emergency services, maternity and newborn care, outpatient care, pediatric services, mental health and substance-abuse treatment, and rehabilitation services. Note that some older health insurance plans might not provider coverage for everything mentioned above.

  • Which Hospitals and Doctors are in it?

You must understand that insurance companies usually enter into a contract with a network of health care providers all who agree to provider their services to health insurance plan members at a certain cost. These providers include pharmacies, health professionals and doctors, imaging centers, and laboratories.

What happens is that if your insurance company might not agree to cover your medical bill when you work with a doctor or healthcare professional that is not in your plan’s network. That means that you should ensure the doctor you’re seeing is within the plan’s network. Check with your doctor’s billing office as well as the health plan to be sure all the providers you plan to work with are in your plan’s network or the one you’re considering.

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DO I REALLY NEED HEALTH INSURANCE?

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health insurance floridaDespite the fact that the Affordable Care Act requires people across the country to purchase health insurance, a certain group of people, especially the young and healthy, try to question whether they really need coverage or not. Young adults tend to think that they don’t need health insurance because they are healthy. Statistics show that only 28 percent of Americans who enrolled in 2014 for health insurance coverage were between the ages of eighteen and thirty-four.

Why you need Health Insurance Coverage

One of the reasons why you need to sign up for health insurance is for your peace of mind. Health insurance can be compared to auto insurance whereby you pay for the service but still hoping you’ll never need it. The coverage is there for the problems that can’t be expected, predicted or controlled. Signing up for the service is simply taking care of the uncontrollable and unpredictable problems that may come in your life.

You’ll need health care services at some point in your life, and that’s when health insurance comes in. For instance, something as routine as an injury-say a broken arm or leg from playing can cost you about $6,500 or even more when you’re not covered. Managing chronic illnesses can be costly as well. The Centers for Disease Control and Prevention reports indicate that there is an increase in the incidence of type 2 diabetes among the young adults. Health Insurance can help you manage the annual medical expenses on such chronic illnesses.

Consider the following factors as you think on whether to purchase health insurance or not.

  • You risk financial ruin if you don’t have coverage

Although you might look healthy today, if a traumatic event happens or you are affected with a chronic illness, you might be left with staggering medical bills. The high medical bills can affect or even ruin your credit history since you might have to file for personal bankruptcy.

  • You might be required to pay a penalty

The deadline for having health insurance was 1, January 2017. Adults who didn’t sign up for health insurance by this date and can afford it are most likely to pay either a tax of $695 or 2.5 percent of their annual income.

  • No access to Primary care and preventive care

According to the law, insurance providers are required to provide coverage for preventive care as well as annual checkups without a copay. Do you know what this means? You’ll be able to diagnose health problems early enough and treat them before they get into advanced stages. That way you can stay healthy throughout the year. Even if you’re a young adult, preventive care and checkups are important when it comes to staying healthy.

  • You may have to wait to get Coverage

Probably you’re waiting until you get in the emergency room before you hop on that iPad to sign up for coverage. Well, it doesn’t work that way. Note that health insurance can be purchased during specific seasons when enrollment is open or within thirty days of events that seem life-altering such as change of job status divorce, marriage, or giving birth.

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