What is my insurance going to cost me and is it worth it? That’s the question on everyone’s minds when you start talking about healthcare. It’s impossible to know what your medical expenses are going to be for the year and you need to gauge whether or not you’ll need the best coverage. Cost is always a factor, but you have to consider the cost of paying for a doctor visit or having someone do blood work. What does that cost you without coverage and what does it cost you with coverage?
If you are offered a policy that costs $200 a month, but offers 70% coverage on all medical expenses, you still cannot know what the final expenses will be at the end of the year. All you know is that you will spend $2,400 on insurance. You then find another plan that costs $150 a month, but offers only 50% coverage on all medical expenses. Two people will look at this situation completely differently.
One person rarely sees the doctor and has no real medical expenses during the year. They would be interested in the cheaper plan because it will save them $600 a year. However, the other person averages a few doctor visits a year, is on a medication that they take every day and suffers from a chronic condition like backpain. To them, the more expensive coverage makes sense because it covers more of their expenses throughout the year.
Again, you cannot know what your medical expenses are going to be for the entire year so it’s impossible to make the decision based on that. You have to consider your options, your budget and what you already know you will need throughout the year. Speaking with a health insurance agent is a great place to start because they can offer you the best options, which plans cover what and help you find ways to save while still getting good coverage.