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Medical Health Insurance Tips

Having medical insurance in place can help you avoid a financial catastrophe if you ever suffer from serious medical issues. When choosing a policy, you have to look at various factors to ensure that you're getting the best one for your needs. Picking the wrong provider or policy could end up costing you.

  1. Look at Coverages

    • When choosing a health insurance plan, look at the medical facilities and doctors that are covered. With most health insurance plans, you only get to choose from a specific network of providers when you need health care services. If you have a specific doctor that you like or a certain medical facility that prefer to visit, this can be crucial. Make sure that the insurance plan you're considering offers providers in your area.

    Health Savings Accounts

    • When shopping for a health insurance plan, you may want to get one that's compatible with a health savings account, or HSA. Health insurance plans that have high deductibles can combine with a health savings account to help you save money on out-of-pocket medical costs. With a health savings account, you can set aside money on a pretax basis to use for medical costs such as deductibles and copays. If you don't go to the doctor frequently, this could potentially save you some money.

    COBRA

    • If you're covered by an employer insurance plan and lose your job, you may have to scramble for health insurance coverage. One option to consider is COBRA, a program that allows you to continue your employer health insurance coverage for up to 18 months after you lose your job. With this option, you don't have to shop for health insurance coverage while you're looking for a job: You simply make the premium payment and continue with your same plan.

    Money-Back Guarantee

    • While you might expect a money-back guarantee when you buy an electrical appliance, you might not expect the same thing from an insurance company. However, with certain insurance plans, you can actually get a "free look" period that allows you to determine if you want to keep the insurance. If you don't like the plan, you can get a refund for what you've paid. Choosing a company with this type of offer can take the pressure off of selecting the correct plan on the spot.

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