Health insurance can be tricky for the inexperienced. A Fortune 100 study shows that roughly in 80% of workers’ selections related to their health insurance, they made poor decisions. They often opt for the low deductible but high-premium plans that cost them more money but offer no added value in terms of insurance benefits. It was also found that lower-income and female employees made particularly uneconomical choices. How do you avoid being one of the statistics? According to HIXME, an expert in employee benefits program, here are three things you can do to ensure that you are choosing health insurance carriers of quality.
1. Identify your source
If you are fortunate enough to be employed by a company that taps the services of health insurance carriers, then your work is done for you. However, if you are self-employed or you don’t have coverage through your job, you may seek an organization or association that you are part of and check whether you can purchase health insurance at a group rate. Doing so will enable you to save a significant amount of money because buying a private plan typically costs more.
2. Assess your health care needs
Before you determine which kind of health care plan suits you, you should identify your typical health care costs. You would not want to pay for anything that you won’t be able to utilize and maximize. Reflect on your deductible for last year and check whether you were able to hit it. A deductible is an amount that you spend for your health care before insurance kicks in. Have you surpassed it or came close to exceeding it? If so, it may be wiser to go for a plan with a lower deductible.
3. Talk to your doctor
Having a health care plan that your doctor accepts is a must. It will be highly disadvantageous and costly on your end to pay a premium for your insurance and another cost for your primary care physician who does not accept your insurance plan. Talk to your physician before purchasing anything.
While it may be a world of too many choices, selecting a health care is all about sitting down and assessing your needs. Be smart about your plan and follow these tips to save money and effort.