Health insurance is one of the most sought-after coverages in the U.S. In 2019, more than 90% of Americans had health insurance coverage, as indicated in the 2019 Annual Social and Economic Supplement (ASEC) survey. However, choosing the right policy for your needs can be difficult, and therefore, you should ask questions about health care when buying health insurance.
To get you started, here are three questions you need to ask about health insurance:
1. What Type of Health Insurance Plan Is It?
There are two main types of health insurance. These include fee-for-service and managed care plans. In fee-for-service plans you have to pay only a fixed percentage of your medical costs, while the remaining will be covered by the insurance company. It also gives you the freedom to choose your own doctors and healthcare facilities. On the other hand, managed care plans involve either a preferred provider organization (PPO) or a health maintenance organization. Because of this, they restrict policyholders to a specific healthcare facility, while covering majority of the medical costs. You may choose to go to another doctor beyond the PPO, however, in that case you will incur higher costs.
2. How Much Will the Insurance Policy Cost?
Questions about cost are particularly important. In 2018, the average American spent about $11,172 on health insurance, as reported by the Centers for Medicare and Medicaid Services (CMS). Hence, you need to know how much you will be paying for your health insurance per year.
3. What Does the Plan Cover?
Health insurance coverages typically have exclusions. For instance, health insurance typically does not pay for fertility treatments, as per the National Infertility Association. For this reason, you should know what an insurance plan covers before purchasing it.
These are some of the healthcare questions to ask when buying health insurance. Do you need help with your health insurance needs? If so, then contact Nick Agliato (nickAgliato@wilk4800.com) at Steve Wilk Insurance. Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.