How well do you know your health coverage? Is it something that you only think about when it’s time to see a doctor? Now is a great time to evaluate the scope of your coverage and determine if some changes for you and your family are in order. Here are four questions that should be at the top of the list.
What Are My Basic Out of Pocket Expenses?
While some of the benefits are covered in full, others may require that you pay a portion of the cost out of pocket. That may not seem important now, but what if you were seriously injured and needed care that is above and beyond what you normally use each year? It pays to know what your plan covers for some kind of major medical treatment and know how you would manage to manage the remaining balance.
Does My Coverage Extend to Alternative Medical Care?
People sometimes respond better to a solution other than western medicine. Even if you are not planning on trying an alternative approach anytime soon, don’t rule out the possibility. Depending on what sort of health condition you develop, it’s possible that an alternative procedure like a chiropractic treatment or acupuncture could the most practical course of treatment. Do you know what, if any, of those treatments your group health insurance policy actually covers? The time to find out is now rather than when you are dealing with some sort of new health issue.
What Sort of Annual Limits are Included?
Knowing that you have coverage for all sorts of medical issues is not enough. What is the limit on benefits associated with each one? You are likely to find that some conditions are covered, but only up to a point. After the annual limit is reached, you are on your own. Take a good look at the limits that apply to different conditions. While you are at it, find out if those limits apply to each instance or if that is the cumulative annual limit for the entire year. Knowing the difference makes it easier to determine if you need to set aside more money in some type of medical savings plan. If your health plan leaves you with buying some medicines out of your own pocket, drug prices in Canada might interest you. Buy medicine from there to save big on your money.
Do I Have Enough Coverage?
This is a question that only you can answer. Remember that if you have family coverage, it’s necessary to consider what sort of ailments each person covered under your plan could develop. Remember that many plans allow you to continue covering your children while they remain in college.
Project the medical needs of the entire family for the next year or so and compare that to the benefits included in the policy. Do you believe the health coverage plan will be enough? If not, it’s time to talk with an insurance expert about some additional protection.
A plan that served you well in the past may or may not be sufficient today. Review your scope of coverage each year and determine if some changes should be made. Doing so will mean you and your family are always prepared if a serious illness or a severe accident should take place.
