5 Health Insurance Shopping Secrets That You Need To Know
The very word, “insurance” is enough to make some people run for cover. The healthcare laws say we must have insurance. That means whether we have the means to pay for it or not. No longer can we shrug it off and say it is impossible. You must have medical health insurance.
Living on Medicare
People 65 and older are eligible for Medicare. If you’re under 65, you could be eligible for Medicare if you have end-stage renal disease, ALS, or have received Social Security Disability Insurance for 24 months. Medicare Part A pays for hospital bills when you are admitted. Part B pays for most (or a portion of) doctor visits. Part C is where you can buy private insurance to take care of more of your medical expenses, using the dollars you are already paying for Parts A & B. Part D is prescription coverage.
Part C To The Rescue
It is the purchase of insurance using your Medicare dollars that gives us adequate coverage. Still, you must shop for the insurance. There are many companies out there. You need to understand what you are buying. Below you will find 5 tips to help you understand.
Tip 1
Understand how your physical health and financial picture affects your insurance premium. If you are living on a very low annual salary or if you have had multiple medical issues, it will affect what you will pay. It breaks down to this. If you have a high premium, you pay more for your insurance and it begins to pay for your medical expenses sooner. If you have a high deductible, you pay less for your premiums but more when you visit the doctor and your insurance will not begin paying until you have paid your deductible for the year.
Tip 2
Know when you can buy insurance. Many people think they can buy insurance any time. The fact is, there is an open enrollment. Annually, you can buy your Medicare Advantage private insurance from November 2st until January 31. If you miss those dates, you will have to wait until next year.
Tip 3
Ask basic questions:
Which doctors and hospitals are in your network?
Do you need a referral if you need to see a specialist?
What happens if you go to an out of network hospital?
What is your copay, out of pocket, and deductible?
What pharmacy will you need to use?
Tip 4
Weigh all of your options. There are many different plans. You may do better with an HMO vs a PPO. You may live where there are few doctors. Find out what your options are. If you do not have health issues and you do not mind a 30-minute drive to the doctor, you may be able to get a cheaper plan from a neighboring town.
Tip 5
Find out what you qualify for. Many people are afraid of shopping insurances. The truth is, millions of people qualify for government help paying for their policy. You will not know if you do or not until you try. A lot of Americans qualify for plans that are under $100.00 per month. This is less than one doctor’s visit. You cannot afford not to have insurance.
Educate yourself and weigh your options. You will see that there is a way to get the coverage you need without going bankrupt. You may have to shop around, but it is worth the effort. Obey the law, take care of your health, and protect your family.
