Choosing the right individual health insurance plan just got a lot easier with the help of PMG Agency. Our user-friendly plan finder lets you zero in on a plan with the coverage you need at a price you are able to afford. To make a good choice and avoid some common traps, however, you need to keep a few basics in mind, starting with the meaning of the following terms: premium, deductible, copay, and coinsurance. Then go through the checklist provided here, with your likely medical needs and how much you can pay a month as the backdrop. With the right insurance, you could save thousands, perhaps even tens of thousands, if you or a family member happens to get sick.
1. Factor in your dependents. If you have children under age 26 without health insurance coverage through an employer, the law permits them to be on your own insurance. Policies also may no longer exclude kids under age 19 from coverage because of pre-existing conditions.
2. Don’t overbuy. Would you buy a luxury car with a monthly payment as big as your mortgage? There’s not much point in thinking about a Cadillac insurance policy your budget can’t handle either. If you’re relatively young and healthy, consider choosing a policy which has a high deductible, the amount you must pay out of pocket before certain benefits kick in. A plan which has a deductible of $1,000 or more is likely to cost you considerably less per month, and could save you money in the long run.
3. Check the network. If you have a primary care physician and specialists you like, be sure they’re in the network of any individual health insurance plan you’re considering to buy. Policies generally cover a lower share of the cost of out-of-network care, or even none at all.
4. Know your share of the costs. This isn’t crystal-ball gazing. Plans are required to state how much you’ll be paying out of pocket, through flat fees called copays and through coinsurance, a form of “cost-sharing” in which you pay a percentage of a medical service. When you’re sick, seemingly small copays could add up. And an expensive procedure could leave you obligated to pay thousands in coinsurance.
5. Make sure your drugs are covered. You’ll want to make certain that the plan’s formulary, or list of covered medications, includes the ones you take regularly, especially if they’re expensive.
For more information about Individual Health Insurance feel free to visit https://pmgagency.com