10 Things to Know Before Purchasing Medical Insurance

1. In the event of a job loss, you have the right to maintain your health insurance. There are federal and state regulations that offer protection from losing your coverage if you lose your job. The downside to this scenario is that there is not much in the way of protection from the costs of a higher monthly payment or premium. As a result of the stimulus (economic) bill, you may still be entitled to a little help.

2. If you demand more flexibility in low cost health insurance, you’re going to end up paying for it in the form of co-payments or higher premiums. The health plans with the lowest cost to you out of your pocket will make you be part of their network or group health care plans. This means that you have to use certain doctors, hospitals and/or laboratories.

3. Medical expenses that do not exceed 7.5% of the money you make are not deductible on your taxes. This includes your medical insurance premiums. Self-employed people, and those individuals where their employers have a flex-spending account can get tax breaks without meeting the 7.5%

4. Health insurance coverage obviously isn’t cheap but not having insurance at all will likely cost more. Getting a major illness could force you into bankruptcy and a car accident could result in medical bills that might wipe out everything that you have in savings.

5. Try to investigate cheap health insurance plans or individual health insurance that more or less pinpoints your needs.

6. Group coverage from an employer is an excellent way to go. Usually these affordable health insurance plans are subsidized by the employer saving you lots of money.

7. Making comparisons and understanding all the terminology is tough work. There really isn’t just a “standard coverage” type of thing out there. From plan to plan the costs and/or benefits have a lot of variance. It’s important that you study, investigate and do your homework.

8. Watch for loopholes! Even with a great cheap health insurance estimate you have to understand what you buying. Options on these health plans include prescription drugs, mental health and dental care.

9. If you are a working couple there are some more things to think about. If the two of you each get coverage at work, you’re going to have to go through the two plans and make a decision that will be best for you. You may find that one should cover the other. Don’t forget about the kids!

10. Do some research on the individual performance on some of the hospitals, doctors and individual health insurance plans in your area. There are sources such as this Web site that provides this information.