Don’t focus solely on the premium and deductible
When people look to purchase health insurance, it’s very common to look at the premium and deductible only. This approach makes sense on the surface; it’s important to know what the monthly premium costs are so you can budget and account for them, and it’s also important to know the deductible to get a sense of overall coverage.
However, there are other costs and situations to consider, too. For example, some health insurance policies may have a deductible of $2,000, but they only cover 80% of surgical procedures. If you have an accident that results in a $13,000 surgery, the out-of-pocket payment will exceed the $2,000 deductible.
Make sure to read the fine print
As with any multi-page contract, one of the biggest mistakes people make is not thoroughly reading the fine print.
For example, some health insurance may have great in-network coverage, but very poor out-of-network coverage. If a situation arises where you must see or use an out-of-network provider, the great coverage might result in a large out-of-pocket payment.
Additionally, some health insurance covers specific procedures while others do not. If a specific health insurance looks great on the surface but doesn’t cover unique or uncommon surgeries, it’s possible that it will result in paying large out-of-pocket fees.
Always shop around to multiple providers
When people decide to buy a house or a car, they shop around for months, finding the best price and the best asset for them. When people decide to purchase health insurance, however, they often take the first provider that suits their general needs.
Often, health care providers have different cost structures and coverages from each other. It’s possible to save time and money by choosing the proper health insurance carefully. Many of these providers compete with each other on price and coverage, improving your ability to find great coverage at affordable prices.