What You Should Know When Buying Health Insurance

If you find yourself suddenly without health insurance don't despair. With a little bit of research you can select an individual health insurance policy that meets your needs. Don't be tempted to go without health insurance just because you are healthy. All it takes is one serious accident to send you into a financial disaster. Medical bills are the number one reason for bankruptcy in the United States. That being said there are some things you will want to consider when buying health insurance.

Find coverage fast.
You have 63 days, as set by the Health Insurance Portability and Accountability Act (HIPAA), to find health insurance again once you lose it. After that, you could lose your rights to coverage of preexisting conditions.

Shop around for the best rates.
Pricing for similar health insurance coverage among different insurers can vary greatly for coverage for the same person. It pays to get a minimum of three health insurance quotes.

Decide if you want to keep the same doctor.
If you like a certain doctor or just relish having your own choice of doctors you may want to consider a PPO plan that lets you visit any doctor you choose. HMO plans require you to see a doctor in the network. If this is not an issue for you, you could save money with an HMO plan.

Know what services and treatments your family needs.
Consider the services you and your family are most likely to need. What conditions run in the family and what current conditions, such as asthma, diabetes or depression, may need to be treated under your health insurance.

Weigh out-of-pocket costs against monthly premiums.
If you want a comprehensive health plan — and don't want many of out-of-pocket expenses — an HMOs are very cost-effective plans that do not have many out-of-pocket expenses. If you are relatively healthy and rarely use your health insurance, you could consider buying a policy that covers only catastrophic illnesses and not routine doctor visits and lab tests.

Know what special services are covered.
You'll want to check the plans coverage for X-rays and prescription medications. These are the most used special services and they can cost a lot out of pocket.

Find out the procedure for seeing a specialist.
If you like to see a specialist for mental health, acupuncture or other treatment, be sure to check the policies procedures for seeing specialists. Some plans strictly limit who you can and cannot see.

Cut costs with a high deductible if budget is a problem.
If money is an issue, don't cut back on hospital or surgical coverage. Get a comprehensive inpatient/outpatient plan and select a higher deductible. This way if you are in the hospital for an extended stay you have coverage and a reasonable amount of coverage for follow up treatment once you are released from the hospital.

Read the policy's provisions for emergency care.
Emergency care is quite expensive so be sure to read all of the fine print on what is and is not covered under your plan. Plans can vary on what types of health problems are covered under emergency care. Emergency care is different from extended hospital stays, so be sure to understand your coverage.