The topic of healthcare in the United States has been a hot debate in recent years. With the introduction of the Affordable Care Act and the government’s own healthcare marketplace, U.S. citizens from all corners of the nation are scrambling to make sure they have the proper insurance. However, act too quickly and you might end up making a critical mistake that could cost you time, money and even peace of mind. Avoid the following health insurance blunders.
Having Too Much Insurance
Believe it or not, there is such thing as having too much insurance. While there are certainly worse mistakes one can make than being over-insured, maintaining too much insurance, such as a plan with a low deductible and a high premium, over a long-term basis could end up wreaking havoc on your bank account before you know it.
Individuals and families who maintain higher premium health insurance plans usually have serious long-term or recurring issues, or visit the doctor often. If you’re young and in good health, you may be fine with a lower premium and a higher deductible, therefore minimizing your expenses by choosing a lesser plan. Evaluate your needs and decide if a smaller premium is a smart move for you.
Focusing Strictly on Deductibles and Premiums
For some, finding the right insurance plan is all about the deductibles and premiums. However, as there are a number of other costs that factor into the overall price of your healthcare plan, this isn’t necessarily a good mindset.
While it is true the deductible and premium of your healthcare plan is important, it’s certainly not the only cost to consider. Co-pays, co-insurance and even your own out-of-pocket expenses all need to be considered in order to ensure you have the best health insurance possible.
Not Taking Advantage of Discounts
In some cases, you might be eligible to receive discounts on your health insurance premiums. The biggest and most substantial discounts will typically be granted through your employer, but there are other discounts to be found, too.
Some health insurance providers, for example, will offer discounts to policy holders who quit smoking, lose a certain amount of weight or maintain a regular exercise plan. As such, make sure to ask your insurance provider about any possible discounts. You never know what might show up.
Failing to Do Research and Shop Around
Just like with any major purchase in your life, you should always do your research and shop around to ensure you are getting the best deal. There are a plethora of different health insurance providers and networks to choose from, some of which cater to certain demographics.
In order to get the best plan for your money, always take time to shop around and browse through all of your available options before committing to one plan.
Ignoring the Fine Print
Finally, always remember to read the fine print of your insurance policy. In fact, you should be reading the fine print of any documentation that requires your signature. Many health plans are rife with limitations, exclusions and conditions. Failure to read the fine print could cause you to miss out on some services or, even worse, give you a false sense of safety by making you believe you are covered for services that simply aren’t a part of your plan.
Finding the Plan That Is Right for You
As you can see, finding the right health plan for you and your family isn’t as straightforward as it used to be. However, with a little bit of prior knowledge, thorough research and some due diligence, you can find the perfect health insurance plan for your needs.