Where Can I Find The Best Medical Insurance?
What Company Has The Best Healthcare Cover?
Finding the best healthcare coverage is like finding the best shoe. You will need to know something about the foot in question before you start looking.
The best accident and sickness coverage for your neighbor may be a lousy one for you. Healthcare policy rates are based on several factors including age, gender, location and healthcare history. This can mean that you will pay a very different rate for the same contract that your neighbor purchased.
When making decisions about a accident and sickness insurance, there are several factors that you should think about when determining the best medical insurance coverage for yourself or your family. One is the benefits, another is the list of doctors and hospitals that participate and a third is the monthly cost.
It is important to know what coverage your policy excludes. You should be able to find a brochure or outline of coverage that will tell you what professional services are covered and what isn't. You should also know what your copays and other cost shares would be for the different plans you are considering.
You should be able to find a section in the policy or the literature that describes it called "limitations and exclusions" or something similar. This is an important section to review. You will want to know what isn't covered before you buy.
The participating providers each insurance policy comes with is another important factor to consider. Ideally you will be able to keep your own doctor. If you can't do that with one plan, you may want to consider another policy that includes him or her in their network list of providers. As a minimum you will want to make sure that there are other doctors in the network that are convenient to you. You will also want to make sure that a convenient hospital is in the provider network as well. If your job is a distance from your home, you may also want to check the network in that vicinity. The same logic applies to checking the network list of providers near your school or college.
The cost of your policy is important, but only when you compare it with the benefits. A policy that costs one dollar a year but that has a $100,000 deductible might not be a good deal. It is also true that a insurance policy that cost $100,000 a year with no deductible probably isn't a good deal either.
One has to weigh the benefits of a lower premium with the lower benefits that usually come with that lower premium. You shouldn't rule out a insurance policy just because it has a moderate deductible, often the lower cost makes it a good deal.
One way to see which health insurance policy is best is to figure out what your total costs would be in two or three scenarios. You might create a worst case scenario where you have $200,000 of expenses in the same year. Determine how much you would pay to meet your deductible, how much you would pay in co-pays and other cost shares in your scenario, then add these figures along with the health insurance policy's annual premium to estimate your total costs in this scenario. Do the same for the policies you are considering and then create one or two other scenarios with more moderate expenses.
This takes some work, but it is one of the best ways to determine which policy would be best for yourself and your family.
Determining which health care policy is best for yourself and your family can take some thought and some math, but making the right decision is important. Having good solid medical insurance cover when a calamity strikes can make a world of difference to both your potential life span and your chances of avoiding bankruptcy