With the pandemic in somewhat hindsight, the world has been jolted into the implications of healthcare and its thereby ignorance. With enrolment season upon most, you might be perplexed on how to go about picking the right health insurance.
Should you go for health insurance through a medical agent, through Medicare or through Government exchange? These, and many more questions might be lurking in your head, clouding your decision and this article might just bring some more clarity into your life.
Shopping for health insurance might be an overwhelming and incredibly tedious process, chunking the process down can make it easier to get through. To help you through the process, here is an easy-to-follow guide to elucidate the process and make it not-so-daunting an experience.
Here are some contributing factors that affect medical insurance premiums you should know about:
A premium basically is the amount charged by your insurance company for the plan you have chosen. Usually, it is paid on a monthly basis but can be billed in a number of ways. In order to avail of medical coverage, the applicant is expected to pay premiums on time, regardless of whether you use it or not.
While it is essential to know the budget that you are willing to pitch in for your insurance, the cheaper option may not always be the best option when it comes to healthcare.
Low premiums ideally mean higher deductibles or a restricted network or narrower coverage of diseases which may not be helpful if you accrue a large hospital bill for uncovered ailments.
Instead of shopping for medical insurance on the basis of premiums alone, the monthly cost and how it fits your budget should be the prime factor of consideration while selecting a plan.
Prescription Drug coverageIt is not enough to know your plan has prescription drug coverage. It is vital to also know that your specific prescriptions will be covered as well because anybody would know that the drugs administered to help treat an ailment can sometimes be way more expensive than the cost of hospitalisation itself.
Several insurers use something called formularies, or lists of covered drugs that categorise prescription tiers.
NetworksIt is necessary to know the network your policy offers you. Most policies have networks of participating providers, which would restrict you from going to your nearest healthcare expert if he/she is not empanelled under your medical insurer.
Before switching health plans, make sure that your preferred doctor will be covered. Since networks can change from year to year, it is a good practice to double-check the physician's list before re-enrolling in your current plan. People should opt for the type of policy that will be the best for their situation.
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