5 Dos and Don’ts of Buying Health Insurance

Health insurance is a must-have. COVID-19 forced many people to prioritize their health and overall wellness. This type of insurance covers the medical bills the policyholder incurs from injury or illness. The health insurer may also cover surgical, dental, and prescription drug expenses, depending on the type of coverage. Keep in mind that the cost of insurance premiums varies per insurance company and type of coverage.

The benefits of buying insurance are often understated. However, choosing the right health insurance plan can be overwhelming, given the complexities of this type of insurance. Before committing to buying insurance, you must be familiar with the plan rules to mitigate overpaying or not to get adequate health care coverage. Ultimately, this article explores the five dos and don’ts of buying insurance.

1. Do compare insurance policies before buying.

It’s normal to be concerned about the cost of purchasing health insurance. Navigating the health insurance marketplace can be daunting, given the many coverage options and prices out there. However, experts recommend comparing rates offered by different insurance companies to find the cheapest plan that gives you the level of coverage you need. In Australia and the United States, the government provides Medicare and Medicaid plans. Eligible citizens opt for either one to save money on insurance premiums. If you also want to buy insurance for your children, consider enrolling them in a children’s insurance program.

2. Do check if your employer provides insurance.

When you already have insurance as part of your employee benefits, taking out another policy is a waste of money. However, if you don’t qualify for health coverage, your only option is to purchase your health plan through a health insurance company. You’ll be liable to pay the total costs of the premium for the health insurance plan. If you were eligible for employer-sponsored health care coverage, your employer covers a portion of the insurance premiums.

3. Don’t purchase a health insurance plan you don’t understand.

Word-of-mouth referrals from loved ones shouldn’t be the deciding factor when choosing health insurance plans. Remember, there isn’t a one-size-fits-all approach to health insurance coverage. Aim to find a comprehensive program that adequately caters to your health care needs.

Experts recommend reading the fine print before signing on the dotted lines. This will enable you to spot any discrepancies that can potentially cause problems for you in the future. Additionally, you’ll rest assured that you are getting the best value for your money.

4. Don’t leave out anything when stating your medical history.

In a bid to lower their premiums, some people hide important information related to their health. This practice is counterproductive as the plan won’t cover any medical liabilities related to the information left out. Let’s say you withhold information of a pre-existing critical illness or medical condition like diarrhea, back pain, sore throat, or irritation from your medical history. When you decide to file a claim for that condition, the insurer reserves the right to deny your claim considering that you did not disclose the condition ab initio.

Buying health insurance is a very important endeavor you should be extra careful with. It could be the difference between spending thousands of dollars on medications and treatments or saving thousands. For example, if you suffer from diabetes and take trulicity, your best bet might be joining a prescription drug advocacy program. You can get trulicity coupon which can end up saving you hundreds of dollars.

5. Don’t delay policy renewal.

It may or may not go without saying that delaying policy renewals puts the policyholder at significant risk. The insurer often may decide to cancel the policy, and the holder may be required to start a new policy. Health care problems are a regular occurrence in our lives. We can’t plan for or entirely mitigate them. Also, consider the rapid increase in demand for qualitative health care and the spike in health care costs. Not renewing your policy ultimately entails starting a new one at a higher premium cost. The bottom line is that you should always continue your policy regardless of whether you are sick.

Leave a Reply

Back to top button