With the rise of certain diseases and viruses, plus the uncertainty of life itself, getting a medical insurance can surely help you in your finances in times of emergencies. However, paying for medical insurance can be a struggle to everybody, mainly because it is very expensive.
Not only the cost makes medical insurances difficult to get as some doesn’t have any idea about the options they can choose.
If your employer doesn’t offer you any medical insurance or you are choosing to get one for yourself, then these tips will help you select the right medical insurance for you.
Choose the right type of medical insurance
There are 3 most popular types of medical insurances, and they can be very confusing because of their acronyms. Selecting the best medical insurance plan can be very difficult, and that is why you need to understand each one of them.
- HMO – or health maintenance organization. Choosing HMO will require you to pick your primary physician and have referrals for more specialist choices. You have to pre-pick your service providers except when in an emergency situation.
- PPO – or preferred provider organization. You don’t have to choose a primary physicians and referrals as you can go pay any doctor a visit as long as they are connected to your insurance network. You can also go to doctors that are not connected to your insurance network, but you have to pay on your own.
- HDHP – or high deductible health plan. Premiums are much lower than the usual plans, but they require a high deductible. It means you need to first pay a big sum of money for your insurance to take place and be able to cover a year’s worth of medical costs.
Choosing the coverage of your insurance
There are 4 options you can choose, and each of them differ on costs and the coverage.
- Platinum plans can cover up to 90% of your total health care bill, but they also require you to pay the highest premiums.
- Gold plans cover up to 80% of your total health care bill.
- Silver plans cover up to 70% of your total health care bill.
- Bronze plans cover up to 60% of your total health care bill. It is also the cheaper among the other types.
Choosing the right plan
When choosing a medical insurance plan, you need to ask yourself some questions to help you pick the right one.
- How much medical care costs have you spent before, and how much can you spend in the future by estimate?
- Do you have to keep your current doctor?
- Are you okay in paying a high premium or do you prefer depositing money into your health savings account?
Consider your subsidies
Some tax breaks can help you in lessening the cost of your health care insurance, provided that you have household income within the norms. People that are qualified for the tax credit can use a part or whole of it to lessen the cost of your premiums.
Medical insurance is already a need in this generation. After all, you just need to keep yourself healthy to avoid paying costly medical bills. Everyone can be struck with inevitable diseases and conditions, and this is where your medical insurance can be a great help to you and your family.