Considering Individual Medical Insurance? What To Beware Of

Individual medical insurance can save us a lot of money in medical expenses. As long as you know what to look for you can find coverage that meets your needs and is affordable. Here’s what you should watch out for.

Consider the Costs

Shopping for medical insurance can be confusing. The exact same coverage with two different companies can vary a lot, in some cases as much as 50%. This is a huge difference!

Before you decide on any coverage, think about your medical needs. If you are young and relatively healthy you may want to go with coverage that will cost little each month but have high co-pays and deductibles. If you make frequent visits to the doctor then it would make more sense to have a plan with low deductibles and co-pay options. You also want to look at any prescription drugs you are taking and consider the prescription coverage. If you can spend a few minutes coming up with your families annual estimated health care costs you’ll be better equipped to make a decision that’s based on your needs.

Lab Work and X-Rays

Make sure the plan you are looking at covers lab work and x-rays. These things can add up to quite a bit of money if you have to pay them out of pocket, and it’s not uncommon to find them not covered under individual medical plans. Check any for exclusions in your policy and make sure they aren’t services that are common and costly.

Emergency Care

Many individual medical insurance plans will have strict policies regarding emergency medical care. What feels like an emergency to you may not be constituted as an emergency by your insurance company. For example, they may pay for treatment related to a broken limb, but not cover an illness that you felt was an emergency. The rates and deductibles for emergencies can also be quite a bit higher than standard care. Check all the fine print and understand what the insurance company considers an emergency.

Routine Care

Many people will skip getting insurance all together if they can’t afford a plan that covers routine care. If the rates are all too high then look for a plan that at least covers hospitalization and surgery. Choosing a plan that covers these, even if it a high deductible to lower the premiums, can save you from medical bankruptcy later on. Emergencies happen, and surgeries and hospitalization can be extraordinarily costly.

As long as you know what your and your families needs are finding the right individual medical plan won’t be too difficult. Knowing what to look for and what to stay away from will do nothing but save you money and possibly trouble down the road.

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