Health insurance has changed a lot just in the past decade. Whether you are looking for brand new coverage or reviewing your policy for possible changes, there is a lot to consider before you make a decision.
Of course, the cost of your premiums plays an important factor in your choice, but many other important aspects should be analyzed, too. Here are 6 important things to consider when you are reviewing your health insurance options.
6 Things to Think About When Deciding on Your Insurance Policy
1. Is there anything you must have covered? Maybe you have a primary care physician or a specialist that you already see regularly and you don’t want to lose. Or you are on a medication that is important and you want to be sure it is covered. Some people even have certain health care services, such as maternity or vision, that they want to have. Be sure to determine your absolute musts and verify those are covered in your policy options.
2. What are your costs? Your costs are not just your monthly premium. If you go to the doctor regularly, you may have a copay each time. You might also have a deductible that you have to deal with every year. Some plans have a specific out-of-pocket that you must reach before they kick in. These hidden fees are important in your overall decision and you should find a trustworthy agent, like those at Green Shield BC, who will sit with you and go over all of these costs.
3. Does the policy cover pre-existing conditions? Many insurances will refuse to cover you or exclude pre-existing conditions. You may have to sign a waiver in which you acknowledge that the insurance company does not have to pay for treatment for that condition, or you may have to add on a rider and pay extra for the coverage. Check for these clauses with your policy.
4. Is pre-authorization required for your services? If you have regular visits to your doctor and don’t want to have to deal with having your visits pre-authorized each time, consider that when you choose your coverage. It is common for insurances to require pre-authorization for more expensive services, but basic doctor’s visits and preventative screenings should not be a hassle.
5. How are your services paid for? Some insurance companies require you to pay your visits at the time of service and then submit a claim for reimbursement. This process can be cumbersome and stressful, especially if the insurance then denies coverage. If you don’t want to deal with this, look for an insurance policy in which the company pays the healthcare provider directly.
6. What are the coverage limits? Watch the coverage limits carefully. You may not need certain services now, like physical therapy, but accidents happen. Will you be covered in the event of an emergency or an accident?
Choose Your Health Insurance Wisely
Your health is the most important thing that you have. Taking the step to get it covered through health insurance is a smart financial and personal move. However, be sure you choose that coverage wisely or you may be paying monthly for something that won’t cover you when you are ready to use it.
