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5 Things You Need to Know Before Buying Health Insurance

Modern Times Nov 07, 2019
Whether you’re exploring your employer’s health insurance options or purchasing a plan of your own, choosing the best health insurance plan for your situation can seem overwhelming.
Selecting the right health insurance plan can be intimidating, especially since the stakes can be high. Without health insurance, individuals are subject to a federal tax and may lose access to non-emergency services. With that in mind, here are five things you need to know before buying health insurance.

Explore Your Options

If your employer offers health insurance benefits, you may be able to purchase a plan at a significantly reduced rate. While group plans benefit individuals with pre-existing conditions, individuals in good health might end up paying more under an employer’s plan. To compare health insurance rates, check out Agile Life Insurance.

You May Need to Find a New Doctor

If you purchase a new health insurance plan, your current doctor may not be covered. If you’re interested in keeping your current doctor, contact your doctor’s office and ask which insurance plans they’re covered by. In most cases, HMO’s are the most restrictive type of plan, as they limit individuals to doctors in their network.

Benefits Are Not Always Covered

Certain medications and alternative practices, such as chiropractors, are not covered by every health insurance plan. To ensure your medications are covered, make a list of prescription drugs, as well as other alternative practices, you need, and contact each insurance company you’re considering to ask about coverage.

Lower Premiums can be more Costly

Many prospective health insurance owners scope out the lowest monthly premium when purchasing a plan. However, choosing the plan with the lowest premium can end up costing you more in the long run. Plans with low monthly premiums typically charge higher co-pays and annual deductibles.

Don’t Avoid High Deductibles

Although paying thousands of dollars for health insurance coverage can seem intimidating, you can save more money in the long run. High-deductible plans are eligible for health savings accounts, allowing plan owners to save money on a pre-tax basis. Funds added to the health savings account can then be used to pay for eligible out-of-pocket medical bills.
Ultimately, taking these factors into consideration can help you save more money when it comes to purchasing health insurance.