Buying Health Insurance On Your Own? Read This Before You Make a Choice!
Have you ever thought of getting a health insurance all by yourself? Procuring this via your boss is easy since there are not many plans to opt from. The form is filled up and despatched to the HR department, and it’s over. That’s all you have to do. But what are the necessary steps you need to take when you decide to go about the whole process on your own? As a matter of fact, buying the ideal plan individually can prove to be simpler than doing the same via your place of work. If you purchase your individual health insurance wisely, you can eventually acquire a better coverage and at a lower price than expected. How’s that possible? You shall soon see.
Know What You Really Need
A fit and fine 25-year-old will naturally require a distinctly separate coverage than an individual who is 45 and has a family to sustain. Both have would opt for a different plan compared to a person who has severe health problems. So, never seek a health insurance without analyzing your own necessities. There are a few questions you need to ask yourself.
- Is the coverage only meant for you or is it for other members of your family, too?
- Are you doing fine? How frequently do you need to visit a doctor? Do you visit any specialized individual for a check-up?
- Do you consume a bulk of prescribed medicines? Do your drugs burn a hole in your pocket?
The answers that you get from here will aid you in figuring out how sturdy a plan you require — whether shelling out higher premiums will be worthwhile and if there are specific areas which the plan must envelop. You can also consult your doctor for the idea of a perfect prescription coverage you might require.
Know The Terms
Similar to any industry, insurance carriers make use of several terms, abbreviations, and acronyms that are absolutely specialized. You should get hold of what these terms stand for, and choose the plan that best suits your needs.
- Deductible – The amount you need to shell out annually before the insurance comes into effect
- Copayment – The number of dollars you need to dish out to avail any medical facility or prescription
- Coinsurance – The percentage which you require to pay for medical expenditures.
Types Of Plans You Can Choose From
The health insurance market is vast and teeming with a variety of insurance products. Here are the types of insurance plans you can choose from:
Out-of-Pocket Maximum – After you’re done with spending the maximum in a year, your insurance envelops all additional charges fully for the remaining period of that year.
- Health Maintenance Organization (HMO) – Your insurance carrier will reimburse claims for physicians and doctors who are a part of the HMO network, and you will be required a referral to visit a specialist.
- Preferred Provider Organization (PPO) – You can visit any doctor of your choice, but your insurance carriers will shell out lower reimbursements in case of doctors who aren’t a part of the PPO network. There is no need for a referral.
- Exclusive Provider Organization (EPO) – Like PPO, you don’t need a referral in an EPO, too, but insurance carriers won’t shell out any reimbursements in case you decide to go out of the network.
- Point of Service (POS) – It’s a blend of PPO and HMO plans.
- Flexible Savings Account (FSA) – It’s a savings account that is put up by and in possession of your boss which allows you to put aside pre-tax dollars. These savings can be utilized for any additional expenses.
- High Deductible Health Plan (HDHP) – These plans require you to shell out from your pocket prior to any kind of payment from the insurance, but if you have an HDHP, you can avail an HSA. What is HSA?
- Health Savings Account (HSA) – This is a kind of a savings account via your boss or on your own that allows you to put aside the pre-tax dollars for additional health-care expenditures, and the principal and interest that haven’t been exhausted gets carried over from year to year.
Choose Your Plan Carefully
There are several other abbreviations and acronyms which you need to get hold of. Always remember that having a thorough knowledge of all the specialized terms and the details of different insurance plans will aid you in the long road of life. Try to assess them and then choose that suits you the best.
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