Ask anyone what defines “good” health insurance, and you could get a bunch of different answers from: “one that covers me from everything from bruises to surgeries” to “one that has real people to answer my questions”.
Here are our suggestions for what to look for in a good health insurance plan.
Physical Treatments
Take a deep breath and get your checklist out – here are the things to look for, preventive care, maternity care, emergency services, hosptiatlization, prescription drugs, outpatient visits, and visits to your doctor.
Mental Treatment Options
You may not consider these parts of health insurance important, your mental health is just as important as your physical health – mind over matter. This includes rehabilitation care, mental-health and substance abuse treatement.
Financial Care
Say that after you have payed $5,000 out-of-pocket expenses and co-insurance, how sure are you that your insurance will pick up the rest of the tab? If you’ve reached the level of out-of-pocket expenses from your deductibles and co-insurance throughout the year – good insurance should alleviate 100% of the costs.
How can ‘good’ and ‘savings’ fit altogether in a health insurance plan?
If you want to save on your plan while trying to retain maximum benefits, try lowering your monthly premium and opting for a higher deductible. This way, you’ll still have many of the above mentioned benefits and be protected from a financial catastrophe! Don’t go in the opposite direction by omitting crucial parts of your health plan. For example, if you know you need medications or are planning in the future to raise a child – don't cut out prescription drug coverage and maternity care!
How about Medical Discount Plans?
The direct answer is no. These plans are no substitute for good health insurance, they are exactly as they are titled: discount programs. Be wary of limited services and the potential scams that revolve around these discount plans. You pay a monthly fee for a card that can be used at only approved medical service from providers. You could end up in a stiuation where you are injured in an accident, faced with a bill of $10,000 and only recieve a 10% discount. The only health insurance 'benefits' you would recieve in this situation is a $9,000 bill and a big question of "what were you thinking?"
Communication
Consider the service and customer satisfaction – do the math. There are how many means of communication? E-mail, writing a letter, meetings in person, calling, phone apps and the internet. How many of these forms of communication can you use to contact and ask questions/file claims with your health insurance provider? Good health insurance should have many if not all these forms – but in the end should be reachable and understandable.
There are many things to constitute a good policy, and our last major factor is:
Do you feel good about your health insurance plan? Do you feel secure, at ease, comfortable, satisfied and confident that you know the benefits of your plan? Good insurance is all about having a wide variety of coverage that you are willing to boast about.
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