It’s very easy to make a mistake with your health insurance. Unfortunately, these seemingly small health insurance mistakes can be extremely detrimental.
1. Picking a Plan Based on Your Premium Alone
Your monthly premium is one of the easiest financial components to identify when comparing plans. BUT, it’s not the only thing to take into consideration. A plan with a low monthly premium may end up costing you more in the long run if the plan doesn’t meet your needs. You need to take into consideration:
- Deductibles
- Copays/Coinsurance
- Benefits
- Network
A low monthly premium can be enticing, but without the right plan, it can be a costly mistake.
2. Not Reading Your Summary of Benefits
Plan language can be quite convoluted. You must read and understand your plan’s benefits to avoid a costly mistake. Don’t assume anything. Compare costs, coverage, and benefits with other available plans to make the right decision.
3. Medical Bills
Another huge mistake people make pertains to medical bills. Always read your medical bills thoroughly before paying them. There are often mistakes. If something seems off, call your insurance company (carrier) and call the doctor’s office. Also, some people are victims of Medicare fraud. If someone is able to obtain your Medicare ID, you may be fraudulently charged. Alternatively, you must pay medical bills in a timely fashion. Letting a bill go to collections can be a headache and have an adverse effect on your credit.
4.Don’t Wait
Many young, healthy people put off getting health insurance to avoid the additional expense. This can be a very costly mistake! Unfortunately medical emergencies can arise at any time. Should you find yourself with a medical condition or injury, you may not be able to get health insurance in time. Usually, you can only enroll in health insurance at certain times of the year.
5. Don’t Do It Alone
Health Insurance is confusing! Work with an expert to ensure you pick the right plan and avoid unnecessary mistakes. You can call healthcare.gov or work with an agent (a representative of the carrier). However, your best bet is to work with a broker. A broker works for you, not the carrier.
Call us at iHealthBrokers at 888-918-0518 or schedule an appointment today. Our services are 100% FREE.
Jesse Smedley is the Principal Broker for iHealthBrokers and the founder, president, and CEO of Smedley Insurance Group, Inc. and iHealthBrokers.com. Since the inception of SIG in 2007, Jesse has been dedicated to helping people save money on their health insurance by providing them with resources to educate themselves on all their health insurance options, both under age 65 and Medicare beneficiaries. He is featured in many publications as well as writes regularly for expert columns regarding health insurance and Medicare.
