5 Mistakes That You Should Avoid When Purchasing Health Insurance

In these difficult economic times, an unexpected health problem can leave you high and dry in no time. As healthcare costs are hitting new highs every single year, most people are looking for ways to minimize the impact of a sudden illness on their already fragile financial balance.

Preventive measures, in the form of a health insurance policy, can help you preserve your resources and get the best medical services that you need and deserve. Nonetheless, identifying the right type of coverage can be confusing. Quite often, individuals looking for the best deals on health insurance are tempted by low premiums and do not evaluate their real necessities.

Moreover, only a few potential clients actually take the time to conduct extensive research on their own or with a bit of help from their old insurer or their lawyer. Expert guidance provided by a person with a remarkable insurance background represents the key to avoiding pitfalls. Keep reading to discover other 5 major mistakes that first-time buyers usually make when they decide to buy health insurance and learn to avoid them.

1)      Opting for Specialists Who Are Not in Your Health Plan Network

Before signing on the dotted line, make sure all healthcare providers that you need to see are actually in the network of your health plan. Otherwise, you’d have to spend a lot more money to benefit from the services that you require provided by the specialists of your choice. Also, see if the services offered by these providers are included in your plan. A very restrictive policy forcing you to count on medical services ensured by local doctors may not be the very best thing for you, especially if you have a child who is going to college in a different state or if you have to spend a lot of time far away from home.

2)      Going for a High Premium to Reduce Co-Pay

This is perhaps one of the most common miscalculations associated with health insurance. People would basically do everything it takes to keep their co-pay low. They want to reduce their out-of-pocket expenses but do not realize the fact that their actions lead to higher premiums. In this case, insurance experts advise potential beneficiaries to evaluate their current needs and expectations before making a final call. If you only have to go to the doctor once or twice on an annual basis for routine exams, it wouldn’t be recommended to spend hundreds of dollars on premiums just to keep your co-pay low.

3)      Not Doing Your Homework

Technology works in our favor. These days, you don’t have to waste your time trying to schedule appointments with representatives from all insurance companies located in your area. You can actually conduct extensive research without leaving your home. You just have to rely on Insurance Quote Depot to get free health insurance quotes. This is the simplest method to compare rates online and make an informed purchase. After analyzing these numbers, you can start to evaluate your financial possibilities and your unique requirements in terms of health coverage. Do your homework properly so you can easily avoid scams or miscalculations that could stop you from getting the type of policy that would best for you.

4)      Make Sure Your Prescription Drugs Are Covered  

You can make a lot of mistakes when it comes to buying health insurance. One of them would be to ignore the list of prescription drugs covered by your plan. In some states individual plans cover the costs of prescription drugs; in other states, insurance plans do not cover these expenses. Therefore, if your plan does include this type of coverage, make sure that the medications prescribed to you by your doctor are on the preferred drug list. If they aren’t, be prepared to spend more money on every single drug that is not listed.

5)      Not Asking Questions

You cannot predict the future, but you can keep risks at bay by investing in the right type of coverage to protect your health in the long run. Here is where it gets tricky: most beneficiaries assume that their policy cannot change from one year to another. Those who fall into this trap are often forced to deal with a wide range of unpleasant surprises. Even if you buy insurance from the same provider, changes reflected in costs, network and coverage levels will inevitably affect you, sooner or later. This is why it is highly recommended to scrutinize your health plan on a regular basis and keep an eye open for modifications that may trigger your dissatisfaction. If you detect the slightest change that raises a red flag, schedule an appointment with your insurer and get accurate answers to all your questions and concerns.

Secure Your Future by Opting for the Right Type of Coverage

Selecting the right type of coverage can be quite confusing and time-consuming. One thing is certain: in-depth research will enable you to avoid financial headaches and attain peace of mind in the knowledge that your financial independence couldn’t be threatened by the consequences of a serious illness. There is no such thing as a “one-size-fits-all” solution. The type of coverage that may be right for a retired couple may not work equally well for a young couple expecting their first child. The “quality” of health coverage is strictly related to your unique necessities, demands and the overall financial risks that you are willing to bear.

How much money should I spend on monthly premiums? Should I raise my premiums just to reduce co-pay? These are only a few questions that are troubling most first-time buyers. To make an informed decision, start by comparing health insurance quotes online. Evaluate your financial possibilities and determine the amount that you can actually afford to invest in an insurance policy. After completing this phase, pick up the phone and call your insurer. A representative from a trusted insurance company will be able to guide you towards the most affordable policy responding to your unique medical needs.