Lower premium policies are leading to high costs that can be financially crippling.
A first of its kind American health insurance analysis of over 6,000 plans that are geared toward families and individuals has shown that the majority of people who enroll in them are at risk of facing tremendous out of pocket medical expenses that could cause them to face financial ruin.
Plans that feature lower monthly premiums often have high limitations to the coverage they provide.
For this reason, it is not uncommon for people to face enormous struggles to pay for their medical expenses, despite the fact that they have health insurance coverage. They choose these plans because they feel that they will be saving money due to the lower premiums that must be paid every month. They simply hope that they will not become ill and need to face the high deductibles and the coverage limitations.
Industry experts are urging customers to take a deeper look at their health insurance plans.
Many of these plans are highly limited in the coverage that they provide for such medical services as maternity care, prescription drugs, rehabilitation therapy, and mental health treatments. Consumers are being urged to make more informed choices and take a look at the bigger picture.
As different health insurance plans are considered, consumers should think not only about how much they are paying in monthly premiums, but also how much expense an injury or illness would incur. If an individual or family is uncertain as to where the best balance is between premiums and coverage, it is also recommended that an agent be consulted. These professionals are experienced in making this type of calculation and will be able to determine what level of protection would best suit an individual or family’s finances.
For people who are comfortable performing their own calculations and analysis, it is recommended that a full comparison of several different health insurance plans be considered, not only for their premiums, but also what it will cost if the plan should ever actually be used. Consider the cost of the deductibles, co-pays, and other expenses, and whether it would be better to pay slightly higher premiums for boosted coverage. On the other hand, some insurance professionals are making other recommendations, when opting for a high deductible plan look into supplemental health insurance plans like cancer insurance and/or accident insurance to help fill in the gaps.
But all agree, when shopping for health insurance make sure to go with a name brand company, a company that you know.