Disclosure: This post may contain affiliate links, meaning we get a commission if you decide to make a purchase through our links, at no cost to you. Please read our disclosure for more info.
Last Updated on April 25, 2024 by Work In My Pajamas
If you’ve used the health insurance offered by your employer in the past, there wasn’t much in the way of options. Typically, it’s a take-what-you-get situation when it comes to employer provided medical insurance. If, for whatever reason, you’ve found yourself in need of a private health insurance policy, the choices can quickly become overwhelming.
Here are five tips to help you decide how much coverage you really need:
In This Post:
1. Single or Family Coverage
The first decision you need to make when shopping for a private health insurance policy is how many people you need coverage for. There are single and family plans available for a wide variety of providers. Single plans are always cheaper, so if your partner or spouse has the option to utilize their employer’s insurance plan, it may be in the best interest of your family’s budget for them to do so.
2. Prescription Coverage
Just like there is different health care coverage available, there is different prescription coverage. If you aren’t the type of person that visits the doctor every time you sneeze, you may not need much in the way of this coverage. On the other hand, if you have a chronic illness that requires medication, you should take a very close look at the type of prescription coverage that is available to you.
3. Avoid the Extras
Many health insurance policies start at a basic level and grow from there. While you may need more than basic coverage, there are riders that you may not need. For instance, if you don’t plan on having children in the near future, or are past the age where having children makes sense, you won’t need maternity care coverage. Pay very close attention to any extras that are included in your policy documents before you sign on the dotted line.
4. Deductibles
Health insurance deductibles will affect your monthly premiums. Typically, the higher you set your deductibles, the smaller your monthly payments will be. Give some thought to how much you can really afford. If you set your deductibles at $1,000 or more, this means that you’ll need to pay this money before your insurance coverage kicks in. If you won’t be able to afford thousands of dollars in medical bills, it doesn’t make sense to set your deductibles high to avoid having a few extra dollars tacked on to your monthly premiums.
5. Eye and Mouth Coverage
Not all health insurance policies include eye health and dentistry coverage. If you wear glasses or visit the dentist twice yearly, you may want to ask for these riders. Including eye and dental care in your insurance plan may make your monthly premiums a bit more expensive, but the health of your eyes and mouth is just as important as the health of the rest of your body.
It’s easy to feel like you’re in over your head when you try to choose a health insurance policy. Very few people are aware of the amount of choice that’s involved in selecting coverage. If you follow the tips above, you’ll find it much easier to figure out exactly how much coverage you should pay for.
Get a free health insurance quote from eHealth with no obligation!
