HEALTH INSURANCE

HEALTH INSURANCE

The cost of individual health plans

Pricing is probably the most bewildering aspect of individual health plans, so it's worth your time to shop around for health insurance quotes. For instance, premiums for similar products from different insurers can vary by as much as 50 percent for the same person.

Don't let confusion tempt you to go without coverage. You might be healthy today, but develop a serious illness or suffer an injury tomorrow, which could lead to financial disaster if you’re uninsured. Sixty-two percent of bankruptcies are related to medical bills, according to a 2009 study in the American Journal of Medicine. Plus, you'll lose your rights to group health coverage of pre-existing conditions if you go without insurance for 63 days or more, a time period set by the Health Insurance Portability and Accountability Act (HIPAA).

How to choose an individual health insurance plan

Ask yourself these key questions:

• Are my family’s doctors in the plan’s network? You pay more to visit health care providers outside the plan’s network, so look for a plan with a robust network of primary care physicians, specialists and hospitals.  
• What are my family’s health care needs? Consider the services you and your family will need on a regular basis. If your child has asthma, will he have to see an asthma specialist routinely to keep it under control?
• What will be my out-of-pocket expenses and monthly premiums? Out-of-pocket costs include the deductible, copays for office and emergency room visits and co-insurance. Generally the lower the out-of-pocket costs are, the higher the premium is. Paying a much higher premium just to get a low copay doesn’t make sense if you go to the doctor only a couple of times a year. However, choosing the plan with the lowest premium is unwise if you can’t afford to pay the out-of-pocket costs when you get sick. 

• Does the plan cover prescriptions and X-rays? Not all individual health plans cover prescription drugs, one of the most frequently used benefits. Review the terms of coverage to determine if your current prescriptions are covered and at what level. X-rays are a routine part of some treatments, so make sure they are covered in each plan you consider.
• Do I prefer certain specialists? Some plans limit the types of providers you can see. If you want to visit an acupuncturist or chiropractor, be sure to ask your insurance agent about coverage for these services. Psychotherapy and other mental health services will likely have specific limitations as well.
• How can I save money on the premium? One way is to look for a high-deductible health plan with a tax-advantaged health savings account (HSA). The HSA lets you save pre-tax money for out-of-pocket medical expenses, such as the deductible and medical care not covered by the health plan. Unused money rolls over from one year to the next, and you keep the account, even if you change health plans. Most high-deductible plans today cover the full scope of health care services and, under the Patient Protection Act, must fully cover preventive care.  
• What will it cost me for emergency care? Read the policy’s fine print about coverage for emergency care and hospital stays. Compare costs for copayments and co-insurance and how those costs and services, such as surgery care, apply toward the deductible.

Keep reading our articles, In shortly we publish many more articles about"health insurance" and Health Current Events in general.

Meanwhile I recommend you explore the different sections and links that you'll find on http://health-currentevents.blogspot.mx/

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