What’s the most expensive service in the United States?
Sure, there are hotels that charge an arm and a leg for just a night, but the answer we’re looking for is healthcare. You possibly didn’t get it right, especially if you’ve never been hospitalized. On average, a hospital stay will set you back about $9,300.
In a country where most people don’t have adequate emergency savings, you can see how costly healthcare can be.
The good news?
You can purchase health insurance and rest easy. Here a helpful guide to choosing health insurance plans that suit your needs.
1. Your Medical and Financial Needs
If you’re shopping for health insurance, the assumption is you’re a healthy individual without any pre-existing conditions. In other words, save for annual health checks, you aren’t spending anything more on patient care services.
But what if you have ongoing healthcare needs? Maybe you have a chronic illness that requires you to visit the hospital and purchase prescription drugs from time to time.
In this case, the first thing to consider is your needs. You want a health insurance plan that will cater to your present concerns. Especially if you have a pre-existing condition, you want to make sure that you go with a plan that doesn’t exclude it. If you have a surgical procedure on the horizon, you want a plan that will cover surgery costs.
In addition to your healthcare needs, an ideal medical insurance plan should suit your budget. You’ll pay a monthly or annual premium for a specific amount of coverage, so you should be able to afford the plan.
Just because you have health insurance doesn’t mean you won’t spend a dime when you go to the hospital or pharmacy to get drugs. Health plans typically have co-pay or co-insurance requirements.
These are out-of-pocket costs you have to pay before you can receive a healthcare service. Before settling on a health insurance provider, it’s super important to ensure that the plan they’re offering has copay or coinsurance terms that are friendly to you.
3. Provider Network
Some health insurance plans will allow you to visit any kind of healthcare facility or see any specialist. Others will restrict you to specific facilities and specialists.
Therefore, carefully study a health insurance plan’s provider network before signing up on the dotted line. If you’re already visiting a certain hospital or seeing a certain specialist, ensure they’re in the provider network of the plan you’re about to take up.
4. Additional Benefits
The health insurance marketplace is competitive. Providers are always finding new ways to attract new clients. This includes offering plans that have certain unique benefits.
For example, you can find a health plan that has a 1-year period before a pre-existing condition can be covered while you can also find another plan offering a 6-month waiting period.
Such benefits can influence you to choose one plan over the other. As such, be sure to compare the list of additional benefits offered by various plans before making a choice.
Choosing Health Insurance Plans Simplified!
Buying health insurance is one of the most important moves you can make for both your health and finances. When choosing health insurance plans, consider your medical and financial needs, provider network, out-of-pocket expenses, as well as the additional benefits a plan offers.
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