10 Things to consider before buying Health Insurance

I thought that a list would be pertainant to help you navigate through the confusing world of health insurance.  There are a lot of things to think about when deciding on an insurance plan.  It is important to find a carrier and design a plan that fits the needs of you and your family because, if something medical happens in the future, this could be your health plan for life.  With that in mind, lets get started.

1. Have a budget in mind +Ashley Barnett 
• This might be the most important piece to the puzzle.  If you don't know what you can afford to set aside to protect your family then this is a difficult discussion to have.
2. Be prepared to discuss your medical history.
• I know that this is private, but there is no way around it.  If you don't feel comfortable enough with the agent to talk about yourself, then you might need a new agent.  There is no real way to hide any diagnosed condition from the health insurance provider; they do their due diligence.
3. Understand MOOP (maximum out of pocket)
• This is super important...Each health plan is a little different.  The MOOP is the most that you would have to come out of pocket before the insurance company will cover you 100%.  The math goes like this: deductable + coinsurance (if you have one).  There are specific rules that apply to families in order to make the worst case scenario more manageable. 
4. Will you need prescription benefits
• This is one of the catch 22's of the initial application process.  You may not have a need now, but if you elect to have no Rx benefit at the beginning, it is very difficult to add in later.  Some prescriptions can get prohibitively expensive.
5. What is your comfort level regarding deductable and coinsurance
• Many people that have had a group plan in the past are used to having low deductables ($1000-2500).  In the individual health insurance market, the relationship of deductable to premium is very evident.  If you like the idea of a high monthly premium for a deductable that you hopefully will never reach, then be my guest.  If not, design a plan with a higher deductable, and utilize all of the products that the market has to offer to keep your money in your pocket until you really need it.
6. Is your preferred doctor in the network
• If you have a doctor that you like, this is a deal breaker.
7. If you travel alot, this is important
• If you do any travelling, understand what kind of network your health insurance plan has.  Being out of town, and out of network can turn a nice vacation into a nice bankrupcy.
8. Is dental or vision insurance a concern
• These are insurance policies that many peoplel hold dear to their heart.  Plans for these types of coverages vary, so read the fine print.
9. Having supplemental insurance will limit exposure
• The idea of supplemental insurance has been around for long time.  As health insurance costs continue to rise, the popularity of these cash payout policies is on the rise.  Many people use these as a hedge against a higher deductable in order to maximize their protection and keep their premiums down.
10. Find a knowledgeable agent to guide you through the process
• Having someone that understands the market, the available products, and that can disseminate all of that information to you in simple terms is priceless.

I hope that you feel more prepared to delve into the world of health insurance.  If you have any questions, my contact info is below.  Feel free to use it.

Opinions, Thoughts, and Comments are always appreciated.

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Todd Uzzell
www.insphereis.com/tuzzell
todd.uzzell@gmail.com