Trying to balance between having adequate medical insurance and keeping the health insurance premiums within your budget can be enough to make an economist cringe.
According to Discovery Health there is no “one size fits all” insurance plan. Don’t panic though. No need to run off and get a degree in economics. Insurance Medics is here to help. Before you go shopping online and start giving out your email address sit down and think about your needs and your lifestyle.
Savings accounts and planning for rainy days do not quite work with your budget of living from paycheck to paycheck? A high deductible health plan is not going to work for you. Find a plan with a low deductible. That way if something does happen your blood pressure won’t add to the situation. Suppose you are the kind of person that saves 20% of everything you make? Bless you and go for a high deductible health plan. An HSA would be perfect and as an added bonus you could have another savings account. Do you see a doctor regularly beyond your yearly check up? Think about the option of higher health insurance premiums and get a plan with set doctor copayments and a low deductible. Also, if you are shopping for an individual family plan remember that little kids go to the doctor more frequently than adults.
Find out how much you spent on health care last year. Do you think you will still spend the same amount this year? You will need a plan that will cover the services you need like doctor visits and prescriptions. Healthy as a horse and you don’t take any prescriptions? A plan that doesn’t have doctor co pays and outpatient drug coverage will save you money.
When looking for an individual family plan, don’t forget to think about maternity coverage. Not all plans offer them these days and you must have the coverage in place before you get pregnant. Also, if you take a lot of prescription drugs make sure your plan will cover those drugs with a copayment that you can afford. Pay attention to the brand name prescription deductible. Your health insurance premium may be low but it could have a very high deductible to meet for name brand drugs. There are some pre-existing conditions that will make it pretty difficult to get an individual family plan even with a high deductible health plan. Some of those conditions are diabetes, heart and kidney disease and cancer. Should you need any advice about pre-existing conditions a licensed agent at Insurance Medics would be more than happy to guide you towards companies that would be more inclined to offer you coverage.