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Health Coverage: Finding the Right Fit

By Amy | July 31, 2007

Oh, the ever-daunting topic of health coverage! It’s intimidating for everyone, and for good reason. The kind of health coverage we have dictates the kind of health care we get, it’s often the one big “Unknown” in our budgets, and unexpected medical bills directly cause around half of all U.S. bankruptcies!

Whether you’re insured by your employer or presently uninsured and trying to find some basic coverage to suit your needs, the issues you face are the same. Here are some helpful hints, originally outlined in an article by Jean Chatzky on MSNBC.com, which may make your decision a bit easier to handle:

1. Begin by checking out the insurance web site for your state. This is a good place to get the ball rolling.
2. Make sure your priorities are straight. Do you want to stay with your current doctor or hospital? Do you need low premiums? Figure out what you require, write it down, and bring it to a broker or verify with the company itself that they can give you what you need.
3. Think about using a broker. They can do all of this research for you and make the task of finding an insurance provider that suits your needs. Go to the National Association of Health Underwriters (NAHU) or the National Association of Insurance Commissioners (NAIC) websites if you need help finding one.
4. See if a company has a trial period. Many of them do. If you’re dissatisfied, you may have a small window of opportunity to ask for a refund (usually in writing), but get the details and restrictions from the company before you sign on.
5. There are savings plans designed to help you manage your health related expenses. This is a good option for someone with a high deductible and a low premium. Deposit what you save on your premium into a Health Savings Account (HSA) every month which gives your money tax-deferred growth, and then use it if your find yourself with some unexpected health expenses. Plus, at the age of 65 you can take out any of the money you still have in the account and spend it however you please!

Finally, don’t forget that you can compare pharmacy prices on the prescription drugs you purchase regularly, and try to get generics when possible. Also, speak with your doctor about writing your prescriptions for longer periods of time.

Don’t have coverage and still not sure if you can fit it in your budget? Ask your doctor about discounts if you’re paying out of pocket, as many will give you one.

For more information, check out the consumer guides available from the NAHU.

Topics: Websites, Tips, FYI |

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