To protect your assets, it’s important that your insurance policies give you enough coverage in case something horrible happens to you or a loved one.
We all need health insurance, yet many Americans can’t afford it, while the cost of the plans and of medical care keeps rising.
Limited plans, with low premiums, are not for everyone, and they could end up costing more if you need expensive care. When you purchase a limited plan all you’re doing is transferring risk to yourself, resulting in lower monthly premiums.
Consumers might focus on the low monthly price and not examine the cost and coverage of each health service.
Beware of policies that don’t set a maximum amount that you’d be responsible for paying for a health service.
Health plans with low premiums may be providing a low cap on maximum benefits. This gives you the possibility for huge additional out-of-pocket expenditures. You should avoid a major medical plan that limits your risk to a certain dollar amount.
Ignore health insurance organizations that use strong marketing-driven tactics. You should understand exactly what services a health plan covers and estimate what your out-of-pocket expenses will be.
Insure only things you absolutely can’t afford to lose and take as high a deductible as you can afford.
A good place to compare health plans is eHealthInsurance.
If you lose your job you can sign up for your employer’s COBRA health-care plan for the next 18 months. But some similar plans cost less. COBRA might be more expensive than a policy that suits your needs. Don’t assume COBRA is the best way to go. Start shopping when you lose your job, as it usually takes two to four weeks to get a policy in place.