Money Matters: Choosing A Health Plan
For most of us, health care and prescriptions represent a big financial burden. When families and individuals experience financial strain, many cut back on health care services. But in the event of a serious illness or catastrophe, not being adequately covered can lead to financial disaster. Luckily, there are ways to ensure you find the best medical coverage for yourself and your family, as well as access to low-cost prescriptions and other services. Our friends at www.practicalmoneyskills.com share resources available; you just need to seek them out.
Choosing a Health Plan
With the countless options available and the complex terminology and paperwork, selecting a health care plan can be overwhelming. There are two basic types of plans: group plans (plans supported by an employer) and individual plans (plans not supported by an employer). Whether you have access to a plan supported by an employer or you need an individual plan, these tips for selecting a plan can help.
Before choosing a plan, ask yourself:
- How much can you afford to pay monthly for health care?
- Who requires coverage under your plan (just you, or a spouse or dependents as well)?
- How often do you, your spouse, and children visit the doctor?
- Do you want or need dental and vision coverage?
- Do you or your dependents have medical conditions that require specialized care?
- What would happen in the event of an accident or surgery?
- What is the maximum deductible you could afford to pay?
Knowing the answers to these questions can help you understand your health care needs and financial considerations. If you or a family member has a pre-existing health condition, it can be more difficult to get the health coverage you need. As part of the Affordable Care Plan passed in 2010, there is a Pre-Existing Condition Insurance Plan (PCIP) available. You can find out more about it here.