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As with any purchase you make, you should never assume that the most expensive product is necessarily the best, especially when it comes to Medical Insurance. Also, you should not assume that the cheapest policy will give you the same level of service that a more expensive one would. It is important when looking for Medical Insurance that you talk to your family and friends about the insurers that they use and find out which ones provide good service. Buying a medical insurance policy is more of an ongoing process than a one time purchase.
.Your premium won't go only towards your future health care services; it's simply the fee you pay to be covered by your health insurance company. But the cost of health services is not simply eliminated by paying the monthly premium. There are other costs associated with major medical insurance coverage. The first cost you'll encounter is the deductible. The deductible is a pre-arranged dollar figure that you'll have to satisfy before the health insurance company begins to contribute any money to your health care costs.
The other expenses are co-payments and co-insurance. All medical insurance policies will ask that you agree to one or both of these charges. Co-insurance means you'll be required to pay a certain percentage of your health care costs, and a co-payment means you'll be required to pay a certain dollar figure for each service.
The largest deciding factor when it comes to your health care is the type of policy you purchase. Indemnity, HMO, PPO and POS medical insurance plans all have different coverage priorities. Some of these include:
? Doctor Visits
? Preventative Care
? Diagnostic Tests
? Hospital and Extended Care
? Prescription Drugs
? Home Health Care
A really good medical insurance policy should include all these critical areas of coverage. An example: A typical fee-for-service (indemnity) plan will be fairly comprehensive except for prescription drugs and preventative care coverage. This is ideal for someone who values the security of extensive coverage over the elimination of routine costs.
Additional health care benefits depends on how much you want to pay or what your family health history is, you might want to include other, less common, areas in your medical insurance coverage. Some of these "extra" coverage areas might includes Dental Insurance, Vision Care, Care by Specialists, Chronic Disease Care, Physical Therapy, Maternity Care, Family Planning Services, OB-GYN etc.
Long Term Care insurance is designed to protect your assets by providing a daily benefit for care you may require when you can no longer take care of yourself. The basic health care services.
One additional policy provision for your protection is the "out-of-pocket maximum". This limits the total amount per year you'll have to pay before your medical insurance company compensates you for 100% of your health care costs. This protection is especially important in case of serious illness.
One must decide which health care services you want covered by your medical insurance, but here are a few tips to keep in mind while you're making the decision.
Purchase a medical insurance policy with basic health care coverage. A medical insurance policy that's lacking in any area of basic health care is not very valuable. The health care services most often used are the ones for which you most need insurance.
Add health care services to your health insurance policy based on family health history. After basic medical insurance, consider health care provisions that apply to common family ailments. If, for instance, your family has a history of back problems, add chiropractic care to your list of covered medical benefits.
Use your policy to plan for the future. If having children is a priority, look for a policy that includes maternity or well-baby care. And remember, you can usually add or remove health care benefits to an existing medical insurance policy by using riders. If you find a policy that's almost perfect, try and shape it into exactly what you want.
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