Avoid These 4 Common Health Insurance Mistakes

Shopping for health insurance can take a lot of time. Between comparing all of plans available and evaluating premiums and coverage, choosing the first plan that sounds good can be extremely tempting. However, purchasing a plan prematurely could mean making one of these 4 health insurance mistakes.

Health Insurance Mistake #1: Not Comparing Plans

Nationwide, there are thousands of different health insurance plans. These plans have different prices, benefits, provider networks, etc. Choosing a plan recommended by your friend or family may not suit your coverage needs as it does theirs. To get a plan at the best possible price and with the coverage you need, it’s essential to shop around and compare the many options out there.

Make sure to review a Summary of Benefits or plan details documents. These are organized in a way that can help you do side by side comparisons. You also have the option to easily compare plans side-by-side by using online tools like HealthMarkets’ FitScore.

Mistake #2: Choosing a Plan Based on Premium Only

With something as complicated as health insurance, it’s easy to choose a plan simply based on the most visible cost: the monthly premium. That may work—sometimes. But choosing a plan based on only premiums can be a costly health insurance mistake.

The cost of health care goes way beyond the premiums. Your costs could include deductibles, copays, and coinsurance on all sorts of healthcare services (like doctors’ visits, medications, procedures, etc.). Without looking more closely, you could end up spending more in out-of-pocket expenses than what you saved in monthly premiums.

It’s the total cost that matters, not just the monthly premium. To do a proper assessment of your healthcare needs, you should review your coverage options, out-of-pocket expenses, and the different monthly premium costs. Altogether, you can make a well-informed choice that could save money.

Mistake #3: Not Checking Your Coverage

Confirm that your plan will have the coverage for you need. For example, make sure your medications are covered and your current doctors are in network. If you notice missing pieces to your coverage, you may want the optional addition of a supplemental plan. These plans are designed to help pay for things like dental, vision, major accident and illness, and even cancer expenses.

Mistake #4: Not Seeking Professional Assistance

Let’s face it, health insurance can be like a puzzle. With all the different coverage levels, premiums, subsidy applications, and provider networks, it’s easy to get confused. But you don’t have to go it alone. A licensed professional can help you compare plans, assess your coverage needs, and find a plan that meets your budget.

Licensed insurance agents do not charge you for their services, and your plans will not cost any more or less if you get their help. For you, it is a no cost service that can lead you towards comprehensive coverage.

Get Started Today

There are thousands of trained and licensed insurance professionals nationwide that can help you make the right decision for you and your family. Their service will only cost you the time it takes to make an appointment or phone call. Find an agent near you, or call us at (800) 827-9990 today.