If you will have to purchase individual health insurance for the first time, you’ll want to make sure that you get the best policy possible. After all, you wouldn’t want to be left hanging the moment you file your medical insurance claim.
Naturally, the best individual health insurance policies in California are the ones that provide you with the best value for your money. Give yourself the peace of mind of knowing you are covered by the best insurance policy possible by following these quick tips when browsing the insurance marketplace:
Look at More than Just the Premium
Just because an insurance policy offers you the lowest monthly premium doesn’t necessarily mean that it’s the best policy for you. Be aware of what the policy’s clauses are regarding co-pays, deductibles, and coinsurance as they can easily cause you to pay a lot more upfront than you anticipated.
For example, the insurance policy you purchase has a $15 co-pay, a $1,000 annual deductible, and a 10% coinsurance. The next time you go to your doctor, you are billed $500 for the visit and $2,500 for treatment over the course of the year. Under the set-up of your policy, you would have to pay $15 for the co-pay, $1000 of deductibles, and $150 of coinsurance! In such cases, paying a higher monthly premium without these out-of-pocket expenses may be the better alternative.
Make Sure Your Prescription Medication Is Covered
When it comes to out-of-pocket expenses, many people do not realize how expensive medicine can be if it isn’t at least subsidized by their health insurance plan. This is especially true for those suffering from chronic illnesses such as asthma, hypertension, and diabetes. Check what prescription medication is covered by your insurance policy. If your brand-name medicine isn’t covered, but its generic counterpart is, you may want to talk to your doctor about switching you over to the generic version of the drug.
Work with an Insurance Broker
Insurance brokers have partnerships with numerous health insurance companies in California. By explaining your specific wants and needs, a respected brokerage, like Good and Associates Insurance Services, can help you identify the best deals on comprehensive health insurance. In many cases, a well-known insurance brokerage can help you negotiate with an insurance company for extra coverage they normally wouldn’t offer.
How to pick a health insurance plan, ConsumerReports.org
5 Tips To Get The Most Out Of Obamacare, National Public Radio