Selecting the best health insurance plan is not an easy task. It should provide adequate amount of coverage to you at an affordable premium.
With a cost-effective plan, you can save hundreds or even thousands of dollars annually. However, you have to apply little yet valuable efforts to gain those hidden benefits.
Generally, health insurance cost may vary widely from one insurer to another. It may also vary from one insurance plan to another. However, you can easily buy or renew right health insurance plan.
You just need to consider various aspects covered under the plan & avoid these silly mistakes. Here are 20 common & biggest health insurance buying mistakes to avoid:
(1) Focusing Only On Premiums & Deductibles
It is one of the most common & biggest health insurance buying mistakes to avoid. Several people prefer to shop for health policy just by focusing on premiums & deductibles.
They often ignore the amount of coverage provided by the policy. This strategy often saves them few pennies on premiums but at the cost of inadequate coverage. You should not forget to consider other associated costs & situations before finalizing plan.
For example, health insurance policy with a deductible of $2,000 may only cover 80% of the cost of medical procedures. If you have an accident that results in expense of $14,000 on medical procedures then out-of-pocket payments will exceed $2,000 deductibles.
You should buy health policy only after considering your health care needs, comparing insurance plans, & researching amount of coverage. Your selected plan should be best suitable to your needs & budget.
Sometimes, a high-premium policy with low co-payments could be a better deal for you as compared to lower-premium policy.
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