3 Health Insurance Mistakes To Avoid
From doctor visits when you have a cold or an infection to prescriptions and surgeries, having health insurance is important. Unfortunately, most people do not fully understand their current coverage or know which type of policies and how much coverage they will need when shopping for a new health insurance plan. Thankfully, help is available if you want to learn more about health insurance. Here are a few common health insurance mistakes to avoid.
1. Not Realizing the Importance of Health Insurance
One of the most common mistakes made by people is not realizing the true importance of health insurance. Without insurance or without proper health insurance, you could experience numerous health and financial problems.
Recent studies have shown that uninsured individuals are less likely to visit doctors for not only regular checkups but also for treating different medical conditions. This means that if you do not have health insurance, you will most likely not go to the doctor for any reason, which will result in health problems that affect you now and in the future.
In addition to medical issues, without health insurance, you could develop financial problems. The cost of healthcare is overwhelming, even for individuals who are considered wealthy. Whether you have a chronic condition, minor illness, develop a serious disease, or are involved in a severe accident, the medical expenses could be life-altering without health insurance.
2. Buying Coverage Based on Price Only
If you are in the market for a new health insurance policy, focusing on the cost of premiums is important. However, the premium cost should not be your only concern.
Deductibles are another factor to consider when comparing policies and premium amounts. A policy with a higher deductible may be cheaper in regards to premium payments, but you will need to pay more for out-of-pocket expenses because of this deductible. Policies with lower premiums may also have higher co-pays, increasing your out-of-pocket expenses even further.
Although the premium cost is important, deductible and co-pays are also expenses you need to take into consideration when choosing coverage for your medical/health care.
3. Using Out-of-Network Doctors
Before you choose a new policy, you need to determine if your current physicians are part of the policy's network. If not, you will either need to find new doctors or spend more money out of your own pocket to pay for doctor visits and services.
If you already have a policy in effect, you most likely have already seen the added expense of seeing out-of-network providers. Fortunately, options are available. Ask your current physicians to recommend in-network doctors, especially if you are being referred to a specialist. For more information on medical insurance plans, contact your local insurance provider.