Navigating the world of health insurance can be daunting. Health insurance is important for you and your family’s well-being. It can also help you save on urgent medical expenses. Some common misconceptions can lead to challenges when you go to make decisions about your coverage, but it doesn’t have to be this way. With the correct information and guidance from our experts, you can make educated decisions about your health insurance moving forward.
Let’s dive into 5 health insurance myths.
1. “The least expensive monthly premium is the least expensive health insurance plan.”
Lower premiums don’t necessarily mean lower out-of-pocket costs. You might have more benefits by paying a higher premium that covers services upfront. For example, if you have a chronic condition that requires frequent doctor appointments and regular medication, it’s in your best interest to find a plan with more comprehensive coverage.
However, a higher premium isn’t the correct option for everyone. If you rarely see doctors, it might be better to choose a high deductible plan. If you chose this you might want to open an HSA (Health Savings Account). This account will let you allocate income before taxes to use toward certain health care expenses. Some employers even contribute to this account.
2. “If I switch health insurance, I can’t plan to see a doctor or pick up a subscription until I have my insurance card.”
This may have been true in the past, but now in today’s digital world we can access this information from our phones by logging into an app or website. We can help you with this process if you don’t receive your insurance card in time for an appointment or when you need to pick up medication.
3. “If I had no issues with my plan this year, I should just select the same plan in open enrollment.”
While sticking with the same plan might be the easiest, it may end up costing you more later on. Your or your family’s health needs may shift from year to year. It’s important to note if these have changed, or if there are upcoming events that may cause a need for change. For example, this could be having a child or an elective procedure. It’s best to choose a plan that brings those added costs into the equation, so you can avoid high out-of-pocket expenses as much as possible.
4. “Having an HMO makes things more complicated to see a specialist.”
If you are having a specific issue that requires a specialist, you first have to see your primary care physician to get a referral. The extra step to see a specialist might seem like more work, but in reality it can make things easier and more effective for your situation.
Your doctor has your health history, and they know you best. They can make recommendations for who you should see and can possibly get you an appointment faster than if you were to call yourself.
5. “Your health insurance covers the cost of everything.”
This is a common misconception when it comes to insurance. In reality, the amount that is covered depends on your policy. Some policies have full coverage, while others require some out-of-pocket fees depending on the medication or procedure. This is why it’s very important to understand the plan you’re on to know the scope and limitations.
Contact Our Health Insurance Experts
Now that you are aware of the myths and the truthful answers, you can better understand your options. There are many types and options of health insurance available, and we can help you go over your needs and decide what’s best for you and your family. Contact Innovative Business Consultants at 712-277-2424 or by clicking here to learn more about individual and group health insurance.