Getting an Understanding of Health Insurance

The costs of healthcare in the United States are continuously rising. A serious injury, illness, or even having a baby can lead many households to struggle financially or even lead them to file for bankruptcy. For this reason, it is absolutely critical that you have adequate health insurance coverage for yourself and the members of your family.

Choosing the right health insurance policy can be confusing, however. You may be tempted to select the policy with the lowest premiums but such policies may require you to pay thousands of dollars out of pocket, making it even more expensive should you need medical care. You also want to ensure that your plan covers the type of treatment that you may need. The following are three basic factors to consider when choosing your health insurance policy.

  1. Cost – The costs of a particular insurance policy involve more than the monthly premium. You should also carefully consider any deductibles and the percentages of coverage. Most policies are categorized as Bronze, Silver, Gold, or Platinum. A Bronze policy will have low monthly premiums, but can have deductibles over $5,000 that you must pay before insurance kicks in. Even after a deductible is met, you may still be responsible for 40 percent of your costs if you have a Bronze policy. On the other hand, a Platinum policy will have higher premiums but deductibles can be around $350 and then insurance will cover 90 percent of your costs.
  1. Coverage – All newer health insurance policies must (at least partially) cover the following:
  • Preventive care and chronic disease management
  • Emergency services
  • Lab tests
  • Treatment for substance abuse and mental health
  • Hospitalization
  • Outpatient doctor visits
  • Maternity care and newborn care
  • Prescription medications
  • Pediatric care
  • Rehabilitative care

If you need any special treatment outside of the above, you will need to consider purchasing additional coverage.

  1. Providers – Some insurance companies have significantly lower rates for in-network providers and some doctors will not accept certain types of insurance at all. If you have doctors or hospitals that you prefer, always check to see if they participate in a certain network or plan.

Call 609-561-8404 today for a free consultation.

At the D’Agostino Insurance Agency, we understand how essential the right health insurance is for you and your family. We can help you weigh your options and select the best health coverage possible. If you would like a quote, please call our office today to discuss your insurance needs.