Health Insurance Resources
Health insurance is a vital part of your well-being. When you understand all the pieces of insurance policies, you’re better able to compare plans.
Here are the five essential parts of most health insurance plans:
- Premiums
- Deductible
- Policy Limits
- Exclusions
- Additional Coverage Options
Health Insurance Premiums
Insurance premiums are important to look at when deciding on a plan. Premiums are required from you on an ongoing basis towards your insurance policy.
Depending on the insurance company, you may get options to pay monthly, annually, or another payment schedule. Premiums are required regardless of whether you file a claim for treatment services. If cost is crucial to you, this is the number you want to pay the most attention to.
Insurance Deductibles
In health insurance, deductibles are the amount you pay out of pocket, often before your insurance will kick in any amount. You can usually choose between a range of different deductibles. Be sure to pick the right amount for your financial situation. Adjusting these rates can affect your premium.
Policy Limits
This is the total amount your insurance policy will give you in a given year. Typically, the higher the policy limit, the higher the premium. Although it can impact your premium rate, increasing a limit isn’t as costly as you think.
Exclusions
Regarding health insurance, exclusions are the treatment services not covered by your insurance policy. For example, mental health benefits are often excluded from health insurance policies. If this service is vital, check with your insurance agent that you’re covered.
Does Your Insurance Measure Up?
If your current insurance isn’t measuring up, it might be time to compare plans. When taking the above considerations into account, you can enroll in a health insurance plan that fits your medical needs as well as your budget.
Learn more by contacting True Source Insurance today!