5 Essential Questions to Ask When Choosing a Health Insurance Plan
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Contents
- 1 Introduction
- 2 1. How do their deductibles and copayments compare to my plan?
- 3 2. What are the coinsurance rates for each service?
- 4 3. Does the plan cover my medications and treatments?
- 5 4. Does the plan cover any extras such as dental, vision and hearing?
- 6 5. Are there any exclusions that may apply to me (i.e., pre-existing condition) or my family (i.e., mental health or substance abuse)?
- 7 When choosing a health insurance plan you’ll want to go over these things
- 8 Conclusion
Introduction
Choosing a health insurance plan is a big decision. It’s important to make sure that the plan meets your needs and budget, but it can be difficult to find the right plan if you don’t have the right questions in mind. Luckily for us all, there are five essential questions that you need answered before making your final decision:
1. How do their deductibles and copayments compare to my plan?
You should be looking for a health insurance plan with lower out-of-pocket costs. This means that you’ll pay less when you go to the doctor or hospital, but it also means that the monthly premium will be higher. If you want a low deductible, then your monthly premium will probably be higher than if you had chosen a high one.
The best way to find out how much each company charges for their deductibles is by searching online through Google or your preferred search engine (Bing). You can also call customer service at each company’s main office number and ask them directly about their deductibles–but beware! Don’t get tricked into buying something because someone told you over the phone; make sure that what they say makes sense before committing yourself financially!
2. What are the coinsurance rates for each service?
Coinsurance is a percentage of the cost of the service that you pay. It’s usually lower than copays and deductibles, but can vary by plan and type of service. For example, if your coinsurance rate is 20% for doctor visits and 60% for prescriptions, it means that your health plan will pay 80% (80 x $100 = $80) for each visit and 40% ($40 x $100 = 40) for each prescription drug. You’ll have to pay 20% ($20 x 100 = 20) out-of-pocket at the time of service; however, some plans offer gap coverage so there are no additional costs after meeting your deductible amount or paying copayments up front.
Some plans have tiered coinsurance rates based on what type of care you receive: Preventive care may be free or have lower coinsurance rates than non-preventive care like surgeries or hospital stays
3. Does the plan cover my medications and treatments?
This is an important one because you want to make sure that your prescriptions are covered. If your doctor recommends an expensive medication, you may want to ask what the co-pay is (the amount of money you have to pay). You may have to pay a percentage of the cost of the medication or treatment–for example, maybe 30 percent. The plan might not cover all medications either–it could be limited in which drugs are paid for by insurance or just not include them at all!
4. Does the plan cover any extras such as dental, vision and hearing?
- Dental, vision and hearing are all extras. Some plans include them, some don’t. If they do, you’ll have to pay a monthly premium for each one. If they don’t, you may be able to buy them separately from an outside provider at a lower cost than the plan would charge in its place (if it even offers any of these services).
- Do You Need Them? You might not need dental insurance at all if your teeth are healthy and strong enough for regular checkups with your dentist or orthodontist on an annual basis–but if there’s anything wrong with them that requires treatment beyond cleanings every six months or so then dental insurance could be worth looking into as part of your health care package overall.*
5. Are there any exclusions that may apply to me (i.e., pre-existing condition) or my family (i.e., mental health or substance abuse)?
Are there any exclusions that may apply to me or my family?
If you have a pre-existing condition, such as diabetes or high blood pressure, you may be eligible for a health plan with an exclusion for that particular illness. This means that your insurance company will not cover any costs associated with treating that condition. If this is the case for you and your family members, make sure to ask about what other exclusions may apply before signing up for coverage.
Mental health and substance abuse are two common types of exclusions found in many plans today–but they’re not the only ones! Other things like vision care and dental care can also be excluded from some plans (or limited), so make sure to ask about those as well when choosing a health insurance option online or over the phone at 800-922-8816
When choosing a health insurance plan you’ll want to go over these things
- What are the deductibles and copayments?
- What are the coinsurance rates for each service?
- Does the plan cover my medications and treatments?
- Does the plan cover any extras such as dental, vision and hearing
Conclusion
I hope this article has helped you better understand the process of choosing a health insurance plan. It can be overwhelming, but with these five questions in mind, you’ll be able to make an informed decision that best suits your needs. Good luck!
