Over the past several years, health insurance has become increasingly complicated. Understanding your benefits before you choose a plan is crucial and could save you unwanted and expensive surprises down the road. Here are several tips to help you understand your health coverage.
Out-of-Pocket Expenses – Knowing how much your health insurance costs out of your own finances is paramount to choosing a plan that meets your needs. Out-of-pocket expenses can range from as little as $1,000 for an individual plan to upwards of $11,000 for an entire family. Once the out-of-pocket maximum is met, your insurance provider should pay for any additional medical care covered under your plan.
Understanding coverage – Knowing how your coverage works is crucial in understanding the anticipated amount of your out-of-pocket expenses. Most plans include a deductible, coinsurance percentage, co-payment and out-of-pocket maximum.
- Deductible – The total amount you must pay before co-insurance kicks in.
- Coinsurance – Shared costs between you and the insurance company.
- Co-payment – A fixed cost paid each time you visit the doctor (Normally this does not count towards the deductible.)
- Out-of-pocket maximum – The most you will pay for medical expenses before the insurance company covers 100 percent.
How to choose a plan – There are many variables to consider when selecting a health insurance plan. Some important factors to consider might include:
- Type of coverage – Do you want basic coverage or a comprehensive plan?
- Physician – If you already have a family doctor make sure they are covered under your new plan.
- Travel – If you are on the road a lot understand what is covered if you are out of your network.
- Services covered – Make sure the plan you are using covers all medical needs of you and your family.
- HSA friendly – Will your health plan work with a Health Savings Account?
- Prescriptions – Are prescription medications covered under the plan?
At Westside Medical Supply we know that health plans can be very confusing and contain a lot of fine print. If you have questions about your insurance plan, please contact our team. We are happy to sit down and help you understand your level of coverage and how it impacts your current medical needs. It is our privilege to help our customers realize the best quality of life with medical supplies that give them the freedom they desire.