More Tips on How to Get the Best Medical Plan

The more you know the easier it will be when it comes to making the right decision on obtaining the best medical insurance for you and your family.  Without getting into the specifics of this plan versus that plan, there are several general tips you need to know about health insurance and the health insurance industry that will make you a more educated consumer, and in the long run probably save you money and get you the medical coverage that is right for you.

First and foremost, you must understand that while it is true health insurance; no matter what you pay for it is an expense; sometimes a costly one - but going without it can be far more costly. Trying to save money by not purchasing health insurance if it is not available to you from an employee or spouse basically amounts to playing Russian Roulette with your finances. Even a minor injury or car accident can cost you thousands in medical costs, a single serious illness requiring hospitalization or surgery can leave you bankrupt. Last year alone more than 50% of those filing for bankruptcy cited medical expenses as the reason. Secondly, while there are now many more options for individual health plans then there ever were, group plans could be cheaper because of their ability to buy in volume. So if your employer offers any kind of group coverage buy into it, and if there is nothing available through work, look into trade groups or other organizations that you may be able to join that offer health insurance to their membership.  

Next be sure to shop around. The nature of the insurance industry is such that there is very little standardization. But that can be good for the consumer, and today the Internet is making it very easy to compare multiple plans and get free quotes.  Read over the policy very carefully even the best coverage is bound to have some very big loopholes. Most policies offer a 10-day "opt out" with no penalty and a complete refund - use that time to go over all the policy details. Today there is a lot of information available about given insurers and healthcare networks. They are rated and accredited by a number of agencies - do your research and check out any company before you commit to a policy.

Freedom - with health insurance like life it comes with a high cost. The more freedom you want out of a healthcare plan in terms of picking doctors, going out of the network etc, the higher your premiums will be. If both you and your spouse work your health insurance decisions become a bit more complicated, you need to decide if you want to both keep your benefits, or have one cover the other and or the rest of the family.

And finally when it comes to obtaining health insurance and your personal finances there are Tax issues to keep in mind. Under most circumstances medical expenses including health insurance premiums are not tax deductible until they reach 7.5% of your income. However this differs for a person who is self employed, and there is now the option of opening a tax free Health Savings Account with a qualifying high deductible health plan.