A few of the most important things to keep in mind when you are purchasing a new Health Insurance Policy.
1. How much is the Stop-Loss or CO-Pay limit per year?
In most of my HUBS I write about CO-Pay Limits. If anyone were to ask me what is the most important coverage on a Health Insurance Policy I would always say your CO-Pay limit. The CO-Pay limit is the most you will pay in one year on all medical bills. Each Medical Insurance Policy has a set amount and once you reach this amount you will no longer pay your CO-Pays for Health Services. This is your Stop-Loss for the year. This comes in very handy when you are in the hospital for a long period of time, have a baby or emergencies.
2. What is a plans deductible?
Most Medical Plans have a deductible. You need to make sure you know what your deductible is, what you get before it is met and how much you will pay after it is met for services. A deductible is what needs to be met before the insurance carrier will pay for services. Some plans will waive your deductible for office visits and preventive care. Remember, the lower the deductible the higher the monthly premium.
3. Does my current doctor accept the new carrier?
If you have a Doctor that you can not live without you better make sure your Doctor accepts your new Carrier and/or Plan. More Doctors accept PPO plans then HMO plans and some don't take certain carriers at all. You can always call your Doctors office to see who they accept or go on the Health Insurance Carriers website to provider search to see if your new plan will allow you to seek their services.
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