Buying health insurance is perhaps the most important thing you’ll ever do for yourself or your family. Most people rush to buy medical covers only to save themselves from high medical bills. So, in the process, they end up overlooking significant aspects of a health insurance policy. And that becomes their source of regrets later.
With the current high cost of living and deteriorating environmental conditions, health should be everyone’s concern. You should think of ways to lower your medical bills when receiving quality treatment. For that to happen, utmost care is necessary to avoid the pitfalls of health insurance covers. You need to sit down and consider every crucial aspect of your would-be health cover. To help you make the right call, we highlight a few mistakes you should avoid when buying your health insurance.
10 mistakes to avoid when buying an insurance cover
1. Don’t focus on the premium and the deductibles alone
When shopping for health coverage, most people concentrate only on the premium and deductible offers alone. They forget that other medical costs can arise that are not included in the insurance cover. This may later affect you negatively in a way you never anticipated.
There is health insurance which covers a certain percentage of the bills and you have to cater for the rest. For example, some health covers cater for only 80% of the surgical procedures leaving their clients to pay 20%. Take note of what different health insurance covers offer and settle on one that best suits you.
2. Ignoring the fine print
The biggest mistake people make is failing to call their insurance cover providers customer care service team when they have questions regarding their coverage. It is imperative to pay close attention to the insurance policies and every detail in their fine print. If possible, you can even visit and learn from an insurance specialist or an out-of-network service provider. This will save you a lot of pain and regrets. Overlooking these common issues might put you at a great loss and you might end up without a cover at all.
Failure to ask questions on any gray areas is a recipe for troubles later in life. Ask questions like whether the cover extends to out-of-network providers or you needed prior authorization for some procedures and service. All these are factors that can lead to additional expenses.
3. Compare different providers
Everything changes and so do providers of these health covers. Every provider offers a different pricing structure. You might be missing on a better insurance health plan just because you are remaining loyal to your first provider.
It, however, takes patience and much energy to compare different options. But it's all for your own good. Exploring different health cover providers can save you a lot of money that you can use on other things.
4. Signing to join cobra
The government authorization under cobra enforces 18 months coverage for employees who get separated from the companies they were working. This is a great deal considering your health coverage continues for a period of about 2 years. Although, the company keeps only some of your premium costs when signed under the cobra rule.
It is best if you purchase health insurance coverage directly from the insurer or from a state health insurance under the Affordable Care Act.
5. Purchasing excess insurance
Is all the insurance you have signed up for really that important? For instance, most platinum-level insurance plans cater for like 90% of your medication costs. The premiums are however a little bit costly.
If you visit the doctor less often and you don't have any chronic health problems, consider getting a cheaper cover like bronze, silver, or a gold plan. You don’t need unnecessary insurance plans as they are an extra cost on your bank.
6. Making assumptions that one cover can fit all
A health cover policy that fits your need well may not be the best for someone else. Our needs and medical and medical conditions vary from one person to another so choose a policy that will give a solution to your needs.
You will achieve this by comparing different policy plans and then opt for the coverage that will make sense to you.
7. Failure to pay for your health insurance because you feel healthy
If you keep on skipping the payment of your health coverage because you are well, you are rolling the dice in the wrong direction. Waiting for health trouble to strike to get coverage might cost you a fortune. You might end up being forced by circumstances to dig deep into your pockets to settle your medical bills.
It’s however important to note that some people still have an opportunity of purchasing coverage past the enrollment period due. For example, giving birth to a baby, marriage, adoption, or job relocation are reasons why you may be allowed for late enrollment under some health insurance covers.
8. Purchasing from out-of-network providers
If your best doctor is not included in your policy network, this only means you have to use extra money. Select a policy where your favorite doctor is an in-network provider to avoid unnecessary costs. If your doctor refers you to a specialist, ensure that the specialist is included in your network.
9. Looking over the coverage of drug prescription
If you often take drugs for a medical condition, then go for a policy plan that covers the drugs that correspond with your health medication. If you overlook this, you may end up incurring high drug costs than you could afford.
Review a policy carefully to ensure the prescription benefits contained there include the medications you take.
10. Revealing pre-existing sicknesses
Some insurers may end up rejecting your insurance claim if you disclose some existing ailments. They offer a minimum waiting period for the pre-existing sickness after which the health cover will be available. You should make sure you reveal all your necessary health history to allow your insurer advice you appropriately. It is better they decline your membership from the word go that getting a rejection when you are on hospital bed.
Conclusion
Have you made health insurance mistakes that did cost you great loss or expenses you should have avoided? Well, you can still make it right if you pay close attention to the above tips. These are the common pitfalls that drain most people.
Don't rush to put down your sign on the dotted line when purchasing health insurance. It's always wise to insist on reading the fine print. Unless you want unpleasant surprises during the time you need help from your insurance policy.
Disclaimer
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