Health Insurance Shopping Tips

Purchasing health insurance (or paying the Federal penalty) isn’t really a choice anymore; it’s the Law. And choosing the best health insurance provider and plan isn’t an easy decision. Whether you have to pick the right package from your employer or you’re self-employed and searching through every plan out there, and whether for individual or family, you’ll want to make an informed decision.

For some people, it can seem like less of a financial drain to pay the penalty and go without health insurance. Medical coverage shouldn’t be an option, though. If you suffer an illness or get into an accident, the physical and financial effects can be enormous and damaging. Roughly half of all bankruptcies occur because people can’t pay their healthcare bills. Your body may heal, but your bank account could take a serious hit if you don’t have reliable health insurance.

Important Factors to Consider When Choosing Coverage:

• Your health insurance plan should come from a reliable and reputable company with a long, positive track record.
• Your plan should fit into your regular monthly budget while covering the different medical needs you and your family may have. There are enough insurance companies to choose from that you should be able to find exactly what you need, and hopefully for a price you can afford.

Obtaining Health Coverage Through Your Employer

If you’re lucky enough to have a job that offers quality health insurance, you’ll want to setup a meeting with the HR department. Most companies offer health insurance for less than you’d pay if you decided to get it on your own, because insurance companies give businesses discounted rates.

How to Compare Plans

Comparing plans can become a headache, because every provider has various tiers of plans, and most plans differ in some way, big or small. Make sure to compare Premiums, Co-Pays, and Deductibles.

If you find a plan with a low monthly premium, that’s great, but keep in mind that your deductible and co-payment could be higher. Higher premiums will cost you more every month, but you’ll save when it comes to co-pays and deductibles. It all comes down to your current and projected health needs, plus the coverage you’ll want to have in an emergency.

Remember, health insurance isn’t an issue to take with a grain of salt. Urgent care and hospitalization is never something people expect to need, but whether or not you plan for it, it could happen to you, and it could cost a fortune. Without the right health insurance to back you when you’re in dire need, you could end up with a mountain of debt and stress long after you’ve healed.