Even as concern about the pandemic wanes, the vast array of other potential health problems causes most families to recognize the need to focus anew on health care. One of the great lessons of 2020 is how important it is to provide for the physical well-being of yourself and those you love. The number one tool you have to protect your health, your financial well-being and the future of your family is health insurance. Insurance enables you to avail yourself of the great arsenal of weapons that providers have to prevent diseases, heal illnesses and mend injuries. The importance and availability of health insurance have been at the forefront of the American consciousness for decades. Insurance is of particular interest during those few weeks every autumn when health insurance open enrollment occurs.
Take the Search Into Your Own Hands
Chances are you have been getting lots of ads about health insurance policies in the mailbox and over the internet. Some ambitious marketers even engage in robocalls to get your attention. It may be good news for you that you can ignore all the hype and do some personal investigating to find those policies that most apply to your family’s needs. It is a good idea to think through the basics of what sort of coverage your family will require and to have a grasp of the underlining concepts before you try to find health plans.
Understand the Terminology You Will Encounter
Whether you are doing your own search or speaking with an agent, you will hear some commonly used terms. Websites and agents may use these without any explanation assuming you are familiar with them. You might assume you understand them as well. Still, it pays to be clear on what is being discussed when you are making decisions about your family’s health. Here are some common health insurance terms.
- Coinsurance: a percentage of the total medical bills not covered by your main policy
- Deductible: your portion of expenses to be paid before the insurance begins
- Network: usually refers to the preferred group of healthcare providers
- Out-of-pocket maximum: the largest amount of money you might pay in a given year
- Premium: The money you pay each month to receive insurance coverage
- Provider: usually a reference to the medical professionals who provide care; may also refer to the company that is providing insurance
- Subscriber: the primary person on an insurance policy
Know What You Need in Your Policy
You are aware when you are choosing a home or a vehicle that you are making a major purchase that will impact your family for years or decades to come. You may not have considered the same is true when it comes to purchasing a health insurance plan. As was stated succinctly in a recent Forbes article, “Insurance is a cautious purchase that must be given utmost consideration.”
At the top of the list for reflection are the life stages and physical issues your family will face. Think of health insurance as a blanket and the potential needs of your loved ones must all be covered by that blanket.