A few years ago in college I was majoring in Healthcare Administration. To complete my coursework I had to take a whole class on insurance. Insurance can be super complicated and even more so now that it is being required by the government. For those who don’t know anything about insurance coverage, choosing the right benefits can be a daunting task. Especially if you have a family to consider or are new to selecting insurance benefits.
Why you should look into your insurance options
Get the right amount of coverage.
At different times in life, different levels of insurance coverage is required. At a younger age, when individuals are relatively healthy it is possible to get away with a catastrophic plan. A catastrophic plan is perfect for someone who is not expecting health problems, but leaves coverage for emergencies. These types of plans are less expensive. If you are planning on having a baby or know you have other health problems it is a better idea to get a more comprehensive plan, but it might be more expensive. The only problem is you can be left with a large bill if you do have unexpected health problems. Voluntary insurance like Aflac can help cover large unexpected health bills.
Ensure your doctor and hospitals are in-network.
When looking for the right health plan, there are different types of insurance plans that cover at certain places. In a HMO (Health Maintenance Organization) or PPO (Preferred Provider Network) insurance companies will only cover at specific facilities with specific doctors. With HMO’s the only doctors and hospitals you can go to are the ones under contract with your plan or the insurance plan won’t pay. A PPO has specific providers that they will pay for, but if your doctor isn’t in the network they will still pay a portion of the health benefits.
Save money.
By taking a few moments to look through plans and finding what you need for regular insurance coverage. After you find the perfect plan, there are ways to save even more money with additional coverage. I recently had a baby and am so grateful I looked into additional coverage. A couple of years ago, I purchased an Aflac plan. It saved me so much money and helped me pay for my out-of-pocket costs for mine and the baby’s hospital stays. For most insurance plans there will be a portion that you will have to pay, but by researching out additional coverage options, you can help avoid paying an excess of out-of-pocket expenses.
Remember, Open-Enrollment (the time when you can make changes to your insurance plans) is starting up for individuals in November and a many companies as well. Take the time to research your benefits so that you have adequate insurance benefits and save money in the long run.
It may not be as fun as looking through Instagram, shopping for clothes or even doing household chores, but researching benefits will save you in the long run!
“I was selected for this opportunity as a member of Sway Group, and the content and opinions expressed here are all my own.”
[…] First off, I shared something more on the important side. It is almost open enrollment. It may not seem like fun, but it is super important to look into your insurance options. […]