Choosing a health insurance plan that's right for you starts with understanding how insurance works. Unfortunately, that's not so easy. Below is a quick lesson in the basics, plus what you should look for in a health-insurance plan.
Good health insurance protects you from medical expenses you couldn't easily afford on your own. Inadequate insurance is everything else, including some products you can buy that may seem like health insurance but aren't.
Health insurance should do two things:
Resist the temptation to lower your premium by selecting a plan that omits major benefit categories, such as prescription drugs. Instead, lower your premium by opting for a higher deductible (say $5,000 rather than $2,500), a higher out-of-pocket limit (say $15,000 rather than $10,000), or both. It's vital protection against financial catastrophe due to high medical bills.
All insurance plans (except for Medicare plans) must start by providing a standard form, the "Summary of Benefits and Coverage," that sets out critical plan details such as deductibles, co-insurance and co-pays. If you have a choice of plans, use this form to compare them.
The health insurance experts at Apple Insurance & Financial Services specialize in providing complete health insurance solutions for individuals and groups of all sizes. Call us today for a free consultation.