Choosing the right health insurance plan is about more than just getting good medical care, it's also about protecting your family's financial security. According to one recent Harvard study, as many as 62% of all bankruptcies were brought on by medical expenses. It's not enough to just have a policy any more, you need to be sure that the policy you choose will provide the coverage you need without overwhelming you with additional costs you can't absorb.
Weighing the Cost
The balance you most need to pay attention to is between your premiums and your deductible or co-insurance costs. The monthly premiums you pay might seem blessedly low, but that savings comes at a price and that price can be found in the amount you pay for treatment you receive. If you don't have the personal savings available to cover the cost of a serious injury or illness, it's worth considering a higher premium.
On the other side of the fence, if you have some savings on hand you might be able to afford a slightly higher deductible or co-insurance cost in the event of a serious medical need. Weigh your assets and your ability to pay your premium against one another. Avoid choosing plans that are going to make you incapable of either paying your premium each month and covering the cost of any bills you accrue.
What You're Paying For
Beyond just the dollars and cents there's also the matter of covered services to be aware of. Look closely at your policy and make sure you know just what medical, and non-medical services are provided for in the coverage. Many policies include coverage for emergency transportation, such as in an ambulance, or hospice care for recovery from illnesses, either of which can accumulate huge price tags without coverage.
Look at what outpatient coverage is provided or non-traditional treatment options are covered. Many policies include mental health and chiropractic services, but actual coverage amounts may limit the usefulness of these additional coverage amounts. Paying for something you can't use doesn't make much sense, so avoid policies that don't give you coverage amounts that matter, or find a plan that eliminates them entirely in order to lower your premiums or deductible.
There are ways to customize your health insurance policy to fit your needs without paying for services you don't want, and without taking on a deductible you'll never be able to afford. Rather than choosing from a one-size fits all selection of plans, contact providers directly, like Quesenberry Agency For Blue Cross-Blue Shield, and see what can be changed about a plan in order to lower your cost and improve the value of your policy.