First you gotta
understand the basic terms. Beyond that, it's really not rocket science.
Everything you need to know about health insurance can be found in the wisdom of
game shows.
The Dating Game - Matching Your Needs
Trying to find the right health insurance plan
is like going on blind dates. You can ask questions up front, but you may not
know what you've got until you spend time together. Ask the right pre-date
questions to avoid surprises.
Like the bachelors on The Dating Game, health insurance
plans can be a mystery. You can get a profile, and maybe ask a few
questions, but you won't know all the layers of the plan until you spend time with
it. Like what happens if you need a chiropractor? I've never needed one before,
so I didn't check this. But after pulling my back trying to move my couch, I needed to know.
It turns out, my plan doesn't cover back crackers at all. Some plans cover up to 20 visits per year.
I'll remember this for next time. (Of course, next time I'll make my husband get off the couch before I move it.
Something he hasn't done since they cancelled Dukes of Hazzard in 1985).
The point is that it's impossible to predict every conceivable
medical situation. But before you choose a plan, you should understand the sections
most important to your current needs. Do you take a specific
prescription medication each month? If so, check the plan's drug formulary to see what
your drug's co-pay will be. Plans may charge differently for the same medication.
Do you see a psychiatrist regularly? Check the plan's mental health section.
Some plans don't cover mental health visits until after you've paid your
deductible.
Here are the most important questions
for me:
- Can I still use my current doc? - Check the plan's network of doctors
- Do I pay extra to see secondary doctors? - Check the plan's specialist co-pay (ex: OBGYN)
- What will my prescriptions cost? - Check the plan's drug card
- Will I pay extra for lab work with my annual physical? - Check the plan's preventative care details
- What's my maximum financial exposure - Check the plan's deductible, co-insurance and out of pocket maximum
The Price is Right - Choosing a Plan by the Numbers
Choosing a plan by the numbers is like the Price is Right Showcase Showdown. Here's how to pick a price without going over your limit. Read more...
(Don't) Press Your Luck - Watch Out for Hidden Whammies
Ever wonder why some insurance plans are a fraction of the cost of others? These, too good to be true, plans are full of hidden Whammies. Read more...