Life is quite unpredictable. Thus it is smart to take the necessary precautions whenever possible. Taking out a life or health insurance is always a wise decision.
Even though risks such as medical emergencies are not guaranteed to happen, it is better to be prepared just in case anything happens. It is not unheard of where someone falls and injures themselves or gets sick out of the blue and ends up admitted in the hospital. If you are not prepared, the medical bills could pile up in no time.
Having coverage is the best solution to unforeseen medical problems that might occur at any given time. When a person’s mind is relaxed and free of worries, it becomes much easier for them to focus on their jobs or other important tasks.
The following are tips that can be used to identify a good medical insurance company:
Compare Health Plans
Most insurance companies offer several health plans depending on the financial ability of the consumer. They are mainly divided into four metal-levels namely Platinum, Gold, Silver, and Bronze. These plans levels differ by how much the consumer pays vs how much the insurance company pays. When the consumer select a low deductible and many co-payments your monthly premium is higher. If a consumer selects a high deductible and pays out of pocket for most procedures then the monthly premium is lower.
Different insurance companies will be offering their medical insurance at different prices based on the metal-level a consumer selects and their age, zip code, and smoking status. The more you contribute to your monthly premiums, the less you will be required to pay when you get sick.
The Affordable Care Act (ACA) requires all American residents to purchase health insurance annually during the annual open enrollment period, which will start November 1, 2016 until January 31, 2017.
The next thing that one should look at is the amount of money that your monthly premiums will be. A consumer should look at their budget and see what they can afford should something happen. If there is an emergency can you afford a $6000 deductible? If not, you should probably look at a lower deductible plan, but it may cost more on a monthly basis.
A medical insurance company that asks for high monthly premiums is probably offering the consumer a Platinum plan with lots of co-pays to make it cheaper on the consumer when using the plan. This is a good plan for people that have on going medical issues and see their physicians and specialist on a regular basis.
Most large employers offer group insurance for all their employees, and it is recommended you select one of your employer plans. The employer usually contributes some money towards your monthly premium as an extra benefit. If you are offered a group insurance health plan you will not qualify for a government tax premium credit that you can get on Healthcare.gov .
Benefits Of The Policy
When taking out life insurance policy, you need to first look at the benefits that the insurance company is offering. For example, some companies offer coverage for both pre-existing, future health issues and even preventative services; whereas others are more selective on the services that they are willing to insure their consumers against. Due to the ACA all qualified health plans now must cover 10 Essential Health Benefits.
If you are out there looking for the best insurance company to partner with for your healthcare issues, look for the one that offers you lots of benefits at affordable costs. A person’s health is the most important thing and knowing that your healthcare is covered helps you lead a great life.
Health Insurance Broker
If you are looking at different health insurance companies that all offer health coverage, you can get help from a health insurance broker or agent. These brokers help consumers understand the medical coverage being offered, and can answer all the questions about the plans.
It is important while selecting a medical insurance company, you should go for one that has a good reputation and is financially stable. The major players in the field of health insurance are Blue Cross Blue Shield, Aetna, Humana, and United Healthcare. There are more companies in American, but these are just a few big ones. Humana is mainly known for Medicare Advantage program, so the seniors should take a look at them. That is not to say that the other companies don’t have good medicare plans, they do. During open enrollment you will see all of them advertising on television.
There are many different health plans and not all consumers are familiar with them, this is where the brokers come in. If you have low income, they can help you get some cost sharing subsidies where you pay lower rates but get richer benefits.
If you have never taken out any health insurance policy before, it is best to work with a broker or agent for the best results. Agents do not charge any extra fees for their services nor is the price of the plan higher.
Among all the insurance policies that are offered in the market, health coverage is one of the few that is essential and currently required by law.