50 Million Americans Uninsured? How to Choose Your Health Insurance Plan

“O health! Health! The blessing of the rich! The riches of the poor!” (Ben Jonson). You need to understand the choices and pick what is best for you. Medicare provides health insurance coverage for forty million American over the age of 65. Medicaid covers many children and other needy adults. Around fifty million of Americans have no health insurance coverage. The rest of America provides their own coverage either through an employer or by themselves if self-employed.

If you are provided your insurance through the company you work for, you need to decide if you want it or something else. Just because it is provided to you, does not mean it necessarily is the best coverage for you and your family. Check carefully what they offer and cover and what it is costing you. It is not free. Now is the time to go into the details—not from your hospital bed when it is too late.

There are many companies that make health insurance available for individuals and families. To chose a health insurance, the first thing you need to do is chose the company that provides it. Since these companies are well regulated by the government, they should all be financially stable. But you still need to look at them. Who predicted that the giant banks would have trouble?

First, what kind of coverage do I need? Is it affordable? Do I have pre-existing medical problems that might make things more expensive or hard for me to get into a plan? How are chronic conditions handled? What services will I use? Does the plan cover my doctors, hospital, laboratory and other ancillary services? Can I freely go out of the network and use other providers? If not, how much money will it cost me? Can I chose my own doctor and how easy is it to switch if I want another physician?

Next, ask if you need the plan’s ok to see a specialist. If so, check out the details and see what hoops you may need to jump through. Do I pay extra for this? Does the plan allow you to see alternative medicine practitioners like a chiropractor, or hypnotist and anything else you use? What about childbirth? What about emergency care? Is it all covered and what if I travel? Am I going to get the bills paid by the insurance company or will I be stuck with them. Are medications paid for? Generic or name brand?

You also need to examine the cost of care. Total amount of coverage per person needs to be determined. Generally, the plans cover up to a million dollars in coverage. It may seem like a lot of coverage in dollars, but health care can eat it up quickly. What is my monthly premium? How often can it change? How much out of pocket do I pay before the insurance starts paying (deductible)? And at what rate does it pay the bills (percentage of expense paid out)?

These are a few basic considerations. You can certainly think of a few more too.