While
some people are predisposed to illness and others like to protect themselves
from the unknown, having health insurance that you can fall back on in both
cases is absolutely important. The biggest challenge that many people face
as it relates to health insurance is the cost.
Sure,
most businesses offer insurance plans for employees and family members in some
cases. However, you may feel the need to get personal insurance of your own, or
you may not have a choice because your employer doesn't provide insurance. If
you're self-employed, your health insurance is up to you.
But
how do you choose which plan might be best for you?
The
first thing to determine is what your pocket can afford. The two main
things to consider when making an effort to identify affordable insurance are:
·
What
you can afford for monthly premiums
·
If
you can afford high deductibles at the beginning of each year
Determining if Higher Monthly Premiums
Will Work For You
Plans
that offer higher monthly premiums usually
cater to people who have consistent financial responsibility on a monthly basis.
For example, if you're married with kids and you've been employed in the same
job for a number of years, you could do well with the type of plan that offers
higher monthly premiums.
In
such a case, it could mean that you'll have the kind of monthly income that
could support it.
The
greatest benefit of choosing a plan with higher monthly premiums is that you
can avoid being subject to high deductibles and you wouldn't encounter the challenge
of finding a lump sum payment in the event of illness.
Annual Deductibles Could be Your Answer
On
the other hand, you may feel more comfortable with an insurance plan that has
higher deductibles and lower monthly premiums. Deductibles
refer to the amounts that are required as upfront payment by the insurance
company prior to them paying out claims.
This
payment option is ideal for people who may not have the monthly income to
support a plan with higher monthly premiums. Plus, if you rarely visit a
doctor, then your health insurance can protect you from financial catastrophe
in the event of sickness while saving you money the rest of the time. Keeping
an emergency fund to pay expenses until you meet your deductible is wise.
Typically,
having a plan with lower deductibles means you're more flexible throughout the
course of the year to make doctors visits, take routine tests, and even deal
with additional expenses that come with surgeries and lab tests.
Two Other Things to Note
1. Get good coverage. Whichever plan you choose, it is
absolutely important that you have
good coverage. In the event of a medical emergency or other medical need, a
plan offering good coverage means that the insurance company will absorb much
of your medical expenses.
2. Opt for coinsurance. Tied in with
good coverage is a coinsurance plan, which usually sees an insurance company
paying 80% of the medical fees and you paying the remaining 20%. This kind of arrangement
can be available with plans that have either higher deductibles or higher
monthly premiums. It depends on what the insurance company can provide.
Using Online Resources in Your Search
Finding
an affordable health insurance plan is easy, especially if you choose the
option of doing online comparisons. The Internet provides many websites
that you can visit to compare the services of different insurance companies.
Once
you're able to see them side-by-side, you'll be able to determine which plan
you can afford and which one would more suit your earning pattern and budget.
Health
insurance is never something you should count yourself out of. It is absolutely essential and definitely
affordable if you spend enough time looking at the options and choosing one
that is right for your pocket.
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