Do You have the Right Health Insurance

At one time not far in the past, health insurance meant you were covered for any illness and you would be taken care of. At least we believed we would. But as reported by the American Journal of Medicine, 65% of bankruptcies in the U.S. are caused by high medical expenses, and three out of four had health insurance. The difference between a good health insurance policy and a bad one is enormous. Of course, if you are covered with your employers insurance, you have no choice. If you choose a private policy you must do your homework.

You will naturally want the policy with the best premium, but you must dig deeper. Add up your deductibles, co-pays, prescription costs,out of pocket expenses and co-insurance, (that is what you pay once the deductible is met and insurance coverage begins.) Look at your maximum output in case the worst happens. How much will you have to pay before the insurance pays 100% of the bill? Any health insurance without a maximum limit on your output places you at great risk if you do have a catastrophic illness or injury.

Another thing to look at are plans with dollar limits on hospital stays and tests. Your premiums may be low but this is where it gets tricky. Many plans will only pay for a certain tests and a certain amount of days in the hospital. Check to see if your insurance requires a waiting period for pre-existing conditions. If that's the case you are virtually uncovered if you need health care.The best place to find this information is in the excluded benefits in the summary.

Charlotte Archer, a health care expert offers these tips for finding the best health insurance coverage. If you're having surgery at an in-network hospital, make sure every health professional you see is in your network. Otherwise, bills are likely to show up for anesthesiologists, radiologists,and pathologists that you didn't agree to see in the hospital. You will be responsible for these bills.

When you've reached the limit of your coverage, insurance plans with caps on some services such as lab and x-ray will stop processing your claims. Look over your bills carefully to be sure you're not being charged the full out of network amount. As many as 85% of hospital bills have inaccuracies according to Medical Billing Advocates of America. If you see any mistakes on your bill, call your insurance company.

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