How to assess your needs
In order to select the best health insurance plan, you need to figure out what your priorities and restrictions are. Are you on a tight budget? What benefits are vital? Here are some questions to ponder:
Assessing your needs: Five questions to consider
I: Do you save, or do you live only for your wage packet?
If you haven’t got savings salted away in a bank or in another financial institution, you require a health plan with a low deductible. For those who are more prudent financially, and have savings put away, a higher deductible health plan will suit you, because then you will not be forced to pay a high premium.
II: How many times did you see your doctor last year?
Regular visitors to the doctor would be well-advised to purchase a plan with a high premium in order to keep any deductible or co-payment costs down. Those who are fortunate enough not to have to visit their physician can choose a plan with a lower premium as higher co-payments and deductibles are not such a big issue.
III: How much did health care cost you last year?
Anyone with high health care costs need to analyze what they spend it on, and whether they think they will continue to spend money in this manner at the same rate or if these costs will taper off. People who have recurring costs like prescription drugs need a solid plan to cater for this. If you don’t have these costs, then you should buy a plan that doesn’t offer much coverage on doctor’s visits or prescribed medication.
IV: Are you plagued by pre-existing medical problems?
If you have had an illness like cancer, or have had heart problems, then it will prove exceedingly difficult to find suitable health insurance or any type at all. In this instance, you will need to find an insurance Company who will assist you in finding the appropriate health insurance policy.
V: What specific benefits are necessary, and which are not?
If you are in need of prescription drugs on a regular basis, you need to locate a health plan that will allow you to afford the co-payment amount. If there is the potential for pregnancy in your household, then you should keep an eye on any maternity benefits available. Those who don’t require prescription medication or maternity benefits could end up saving money. Anyone who has been made redundant or quit their job has several available health insurance choices. Taking the time to find out extra information will allow you to discover what the best insurance options are available for you.
Your partner’s plan: Find out how much extra it would cost your partner to include you on their insurance plan.
Coverage by COBRA: COBRA enables you to extend coverage under your employer-sponsored plan for a limited amount of time and you have to pay the bill yourself. As you cannot be rejected because of your previous medical history, it is an excellent choice for those who have had previous medical problems.
Family and individual plans: Before you reject COBRA out of hand, look at every family and individual health plan in your locality. Perhaps you could apply for one of these plans, and have COBRA as a contingency plan.
Public health insurance options: Every state in the country has public plans available for those who are in financial strife, and cannot afford or get accepted for other plans.