As a parent, we want to be able to provide the best for our loved ones. To have a healthy family, you’ll need insurance to help ease the cost of appointments, medication, emergencies, or procedures.
It can be difficult knowing what’s best as there are over 900 health insurance companies in the United States that all offer different plans. We’re going to go over four tricks on choosing the best health insurance for you and your loved ones.
Why is Health Insurance Important?
When you start a family, everyone hopes that nothing bad will ever happen to your child and spouse, but this is not always the case. There can be several complications, unexpected accidents, or other health problems that happen in life.
Health insurance helps cover the costs of medical expenses for extreme conditions and regular checkups. With this type of protection, you’ll provide all the medical assistance you and your family needs to be healthy.
Without insurance, you might be more hesitant to go to the doctor, which can create further health problems in the future if left untreated. On the other hand, if you go to the emergency room without coverage, you can be left with a huge bill that can cause financial burden and debt.
It’s always better to be covered and never use it, then be in a difficult situation in the future.
What is a Deductible Insurance Plan?
Deductible plans are health insurance policies that require you to pay an amount out of pocket before you receive financial assistance. These plans have high- or low-deductible options, and they’re determined by how much of a monthly premium you pay.
An example of how a deductible plan would work is if you have a medical bill for $5,000, and you have a deductible for $500. You’d be responsible for paying $500 out of pocket, and then the insurance company would pay the remaining balance.
However, if appointments or procedures are $500 or less, you’ll always have to pay in full. The insurance company will only step in if it exceeds your deductible.
This shouldn’t be confused with copays or coinsurance plans. They function differently. Copays are a flat fee you’re required to pay per visit. For example, every time you go to a doctor’s office, you have to pay $25, no matter how much or little the doctor does during the appointment.
Coinsurance is a percentage you’re responsible for paying versus your insurance company. You can have a split from 50/50 to 80/20. If your medical bill is $5,000 and you have a coinsurance of 80/20, you’ll have to pay $1,000, and the insurance provider pays $4,000.
Our 4 Tricks to Get the Best Health Insurance
Know Your Budget
To understand what’s best for you and your family, you’ll know how much savings you have available for medical expenses. High deductible plans are good because they usually have a lower monthly premium. However, you’re taking a gamble because if there’s an accident with a large bill, you’ll pay a lot out of pocket.
If you don’t have these extra savings, you might want to consider a different plan. A low deductible plan or even a no-deductible plan will cost you more per month. However, you’ll have the security that you’ll be protected financially by your insurance company if something happens.
Taking an honest look at your income and how you’d like to use your savings will help you determine the correct one.
Understand Your Family’s Specific Needs
If your family is presumably healthy and lives a low-risk lifestyle, you could get away with a high deductible plan. You’ll have to pay less each month, and you know that a big medical expense might only happen once in a while.
It’s important to know you and your spouse’s family medical history because many times, these things are genetic. You, your spouse, and children can be at risk.
When any family member has a medical condition, it requires more frequent visits to the doctor’s office or surgical procedures, and you’ll want one with the least amount of out of pocket costs.
Know Which Plans are Used by Your Doctor
If you’ve looked around for doctors and think one is perfect for you and your family’s needs, you should ask them which insurance companies and plans they accept. Usually, they have their list of network providers they work with.
You can get the inside scoop on which plan will give you the best deal with the doctors you like.
As mentioned above, there are hundreds of insurance companies and plans. Do some homework and figure out which provides the best coverage for your needs. You can call representatives and ask your specific questions to get a better idea. They might even offer you a discount or a deal with what’s included.
The Bottom Line
Health insurance is an essential part of protecting your family. You’ll provide them with the medical attention they need and not go into serious debt because of it.
There’s a lot to know about insurance plans, so take our tips to help you choose what’s best for you and your loved ones. Consider a deductible plan as it may save the entire family more money in the future.