There are 7 basic components to educate your self on when looking for individual health insurance. These 7 basics can help you make well informed decisions when choosing a carrier and plan. These 7 basics can make what many find difficult much more pleasant.
When comparing all the different plans available to you one of the key components is the Lifetime Maximum it provides to you. This is the total amount the insurance company will ever pay out of there pocket on your policy. If you are comparing 2 plans a couple of extra million in a life time may be a deciding factor for you.
The next factor you should consider is the deductible amount. When you hear the term deductible amount this is the amount you will pay out of your pocket before the carrier will start to pay. If you would like to keep your premiums low you could share more cost and choose a plan with a higher deductible.
Sometimes the most confusing to consumers is the co insurance amounts. This is when you have met your deductible and the insurer will start sharing the cost with you. The co insurance is how much you will spend out of pocket before the insurer picks up at 100%. Until you met that amount you will pay a percentage of the total for each bill until you have reached your maximum. Depending on your plan you may pay 20% and the insurer pay 80%.
Many plans have a benefit called an office visit co pay. What this means is if you should have to go to the doctor you would pay a set amount for the office visit. The co pay does not always pay for labs done at that office visit so this is important to differentiate so you do not get an unexpected bill later.
Another unexpected bill often comes following a Preventative exam. This is due to the consumer not understanding this benefit. More often then not, there is a limit on the amount the insurer will payout for this kind of visit. They usually only allow 1 visit a year, so if you schedule a visit even 1 day to soon they will not pay. Pay close attention also to the types of tests, labs and screenings it will cover.
Another important thing to know is that all carriers set limits. There are simple limits such as; they could limit the number of office visits or emergency visits. The can also determine a dollar amount limit that they agree to pay for a benefit. For example they may only pay $1000 in prescriptions each year.
As stated above prescriptions could be assessed a maximum dollar amount. Some plans give a Co pay for prescriptions, but most assign categories for different types of medications and set multiple co pays accordingly. You must be careful and make sure that your plan will cover prescriptions. Just take time to know the basics when your searching for individual health insurance and you will be fine.
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