What Should I Consider When Buying Health Insurance

Have you ever bought a pair of jeans only to take them home and find out that they don’t fit like they did in the store? Purchasing health insurance can be very much the same, only with consequences that are more complicated. Before signing on for just any old policy, make sure it includes provisions on these 5 things.

1. Doctors and Specialists — Some health insurance plans, including HMOs, restrict you to a very limited network of doctors and specialists. If your doctor doesn’t accept the insurance you’re looking into, you might want to look elsewhere. Occasionally, your restricted network of doctors might be miles away from your home. Additionally, you’ll want to know if you always have to check in with your physician before heading to the specialist.
2. Prescription Drug Coverage — An insurance plan that does not provide adequate to excellent prescription drug coverage can be financially devastating to someone who regularly fills prescriptions. Coverage varies from complete to non-existent and in some cases you may be required to pay part of the cost. Many prescription drug provisions cover only generic and non-specialty drugs, so if you can’t get your drug in a generic, or you need a special medication, you can expect to have to pony up.
3. Costs — Most health insurance companies use the same basic models and tests to determine your insurability, but they never seem to come to the exact same conclusion. One insurance company may deem you to be a Standard policy holder based on your health, while another similar company may deem you to be Preferred, lowering your premiums substantially. Additional costs you need to consider in health insurance are your deductible and your co-payments. You will need to carefully read your policy to find out whether you must pay your deductible before or after you receive service. You will most likely always have to pay your co-pay at the time of service. If either of these is especially high, you might want to look elsewhere.
4. Exclusions — If you have any pre-existing conditions or have a family history of diseases like diabetes, or heart and liver disease, you may want to carefully read the fine print in the exclusions list on any policy you are considering. If any condition you have or may have in the future is listed as exclusion, you should keep looking for other options.
5. What Other People Say — Word of mouth is usually the best way to find out if a particular service will fit your needs. If people you know have had trouble with their insurance refusing to cover a number of smaller claims, such as two doctor visits in one week, you should heed their warnings and look for a company that has more praise than cursing coming its way.

Remember, having adequate health insurance coverage that meets all of your needs is like having protection for yourself, your financial status, and your family, all in one.