Healthcare insurance agent, Michelle Bungo, covers five topics that will help you choose the right insurance plan for your needs.
Shopping for the best healthcare insurance policy is a daunting task for the majority of Americans. There is an abundance of different plans and options to choose from. Finding the right one for your budget and needs, however, can feel like searching for a needle in a haystack. Healthcare insurance agent Michelle Bungo, goes over the top 5 things to look for when shopping for health insurance.
- The Premium
The premium is the fixed monthly cost you will pay for a health insurance policy. Typically, insurance policies with minimal coverage will have lower premiums. More inclusive policies will have higher premiums. When deciding on the premium to pay, Michelle Bungo suggests choosing the premium that covers the healthcare services you need.
- The Deductible
A deductible is an amount you must spend on healthcare services in one year before your insurance provider will start covering them. Some policies, however, cover specific services before your deductible is hit. In this situation, healthcare insurance agent, Michelle Bungo, explains that lower deductibles will have higher premiums and vice versa.
- Range of Network Of Doctors
Most health insurance companies do not cover visits to all health providers. Michelle Bungo explains that when insurance companies make deals with care providers, they create a “network.” Look for plans that include your preferred doctors or clinics in its network. If you don’t have a specific place in mind, consider the size of the network for how many options you’ll have.
- Out-of-Network Care
There are instances when out-of-network care might be needed to see specialists. Some policies will cover 100% of an out-of-network bill; others will cover a small portion. Additionally, some plans will pay 100% if it’s an emergency, and others will pay none at all.
Michelle Bungo recommends choosing a plan that includes some out-of-network assistance to protect you from unexpected situations. It is not unheard of for a patient to be stuck with a massive bill after visiting an in-network hospital. Some team members or specialists may not be included in a patient’s care network.
- Max Out-of-Pocket Cost
The maximum amount that you can pay for services for one year is called the out-of-pocket maximum. Michelle Bungo notes that this is different from your deductible. A low out-of-pocket maximum is recommended for people who do not want to worry about surprise expenses. If you know the maximum for the year, it’s much easier to budget accordingly. A low out-of-pocket maximum is also recommended for people who need a lot of care.