6 Ways to Navigate Health Insurance Decisions

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6 Ways to Navigate Health Insurance Decisions

If you’re struggling with medical costs and trying to find a solution to your health insurance woes, you’re not alone. Roughly half of all bankruptcies filed in the United States are caused by illness and medical bills, and there are still 46.6 million Americans without health insurance.

While it’s easy to become overwhelmed by health insurance issues, attacking the problem is critical to not only your personal health but your financial health as well. Journalist, author and “Today Show” commentator, Jean Chatzky (jeanchatzky.com), offers the following great suggestions for choosing the right health insurance plan and preventing costs from escalating:

1. Check state regulations. Insurance plans and prices vary widely by state, so begin by investigating your state’s insurance website. Look for lists of companies in your area, prices for various types of plans, and lower-cost options based on income requirements.
2. Decide what’s important. Make a list of what matters most to you, i.e., low premiums, the ability to see certain doctors, coverage for special services, etc. The plan you ultimately choose should accommodate your insurance priorities.
3. Find an insurance broker you can trust. Finding a top-notch insurance broker is critical as he or she can do the legwork to find the right insurance company, help shop for the best rates, and explain the ins and outs of your plan, says Chatzky. Check a candidate’s credentials through either the National Association of Insurance Underwriters (nahu.org) or the National Association of Insurance Commissioners (naic.org). Make sure the broker you choose has a large “book," the industry term for the network of providers he or she works with. The more options, the better.
4. Ask for a trial run. Believe it or not, you might be able to “try out” an insurance plan before committing to it—this is called a “free look,” says Chatzky, and means you can get a refund if you’re not satisfied after a certain period of time. Follow the guidelines so you don’t overlook any loopholes in a free-look option, and be sure to get the details in writing.
5. Open a Health Savings Account (HSA). An HSA is a great option for those choosing a high deductible/low premium plan as it allows you to deposit pre-tax dollars into a special savings account for medical expenses, where it will grow tax-deferred. Once you turn 65, you can withdraw any remaining money and use it however you want, including to fund your retirement.
6. Be ready to negotiate. While you may have spent a lot of time researching and choosing your plan, unexpected bills will most likely continue to pop up. Talk to your insurer about the right protocol for negotiating such bills. And don't be afraid to negotiate with your doctor if you're paying out of pocket, Chatzky advises. In a recent Harris Interactive poll, three out of five people who did so received a discount. With the cost of a single visit often tallying over $200, it's definitely worth a try.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

Barbara Corsi bcorsi@rockcliff.com J. Rockcliff Realtors Office: 925-253-7045 Mobile: 925-788-7589 http://www.BarbaraCorsi.com

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