5 Signs You Probably Have Great Health Insurance
When I speak with folks who are trying to save a buck on their health insurance, in many cases they realize that they already have great coverage. Sometimes it just takes shopping the market to realize how good your insurance actually is.
Below are 5 signs that you might already have great health insurance. Of course, none of these are absolutes, but a general idea of what a good insurance policy looks like.
#1.) Your Policy is ACA Compliant
Plans that are ACA compliant cover the 10 “minimal essential benefits.” This includes preventative care, prescriptions, doctor visits, and hospital stay. These plans also cover pre-existing conditions.
#2.) Your Policy Has a Low Deductible and “Max-out-of-Pocket”
A low deductible is great since you won’t have to pay as much until the insurance starts to pay out. One you reach the “Max-out-of-Pocket,” the insurance company will usually pick up the claims at 100%.
#3.) You Have Doctor Copays
Having Doctor Copays will help keep your doctor visits to a predictable price per visit. It’s normal for your Doctor Copay to cover the services provided at the visit (such as: labs, diagnostics, & x-rays).
#4.) You Have Brand Name Prescription Coverage
If generic medications do not work for you or your condition, having brand name coverage is key. The differences in price without insurance can be astounding. Brand named medications have helped many, but unless your insurance covers it, those medications might not be financially affordable.
#5.) You’ve Had Your Policy For Years, and You Already Know How it Works
If you’ve had your policy for years, chances are you must like something about it. Moreover, it’s especially key if you understand how it works, which doctors you can see, what’s covered etc. It’s surprising to me, that there are so many who pay hundreds each month for a product they truly don't understand.
If you have any questions about health insurance or switching a policy, you should speak with a licensed insurance professional.
