Having the right health insurance plan is very important to a person’s future financial stability, but many people have a health plan that isn’t right for them and they do not know it. A health insurance plan that is inadequate can end up costing you much more than you save over the long term. A health insurance plan that includes coverage that is not necessary for your situation can have the same result. With the open enrollment period for many health insurance plans starting soon, there is no better time to evaluate whether your current health insurance plan meets your needs. Here are some indications that may indicate that the health insurance plan that you have is not the best health insurance plan for you.
The Out Of Pocket Cost Is So High, You Avoid Seeking Treatment
While most people do not need to go to the doctor for every little ache and pain they experience, putting off necessary treatments because the out of pocket costs are considerably more than you can afford is a red flag that your health insurance plan is not the right plan for you. The whole purpose of having insurance is to be able to see a medical professional when necessary. The cost to upgrade to a better plan generally is less than $100 per month, or $50 per paycheck, when obtaining health insurance through an employer. This is much less than the additional thousands of dollars you would pay to meet the deductible or pay out of pocket for an inadequate health insurance plan.
You Worry Because You Are On The Road A Lot
If you are a frequent traveler that is on the road a lot, then you need a health insurance plan that is flexible enough for you to use wherever you are. Many people that have to use a medical professional that is within a certain network or face higher costs for their care often worry when they are out of town because a serious illness or injury while they are traveling could be financially devastating. There are health insurance plans available that have wider networks with providers in multiple states, which may be a better option for anyone that travels frequently.
Your Preferred Providers Are Not In Your Network
If you have a health insurance plan that does not cover your visits to your preferred providers because the providers are not in your network, it may be time to search for a different health insurance plan. Being able to trust your medical providers is an important component of effective health care, so it doesn’t make any sense to force yourself to go to a doctor that you do not trust. A good doctor is well worth the time it takes to find them, and if you find one outside your insurance network, it’s reasonable to consider switching plans so you can continue seeing them.
Join our newsletter
Subscribe to get the latest "Engineer Your Finances" content via email.