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Simply put, health insurance is protection against medical costs. A health insurance policy is a contract between an insurer and an individual or group, in which the insurer agrees to provide specified health insurance at an agreed-upon price (the premium). Depending on your policy, your premium may be payable either in a lump sum or in installments.

When comparing insurance policies, there are a few VERY important things to consider. Always ask if the policy you are considering is a MAJOR MEDICAL policy or a Limited Benefit Plan (limited benefit plans usually have dollar caps on coverages such has inpatient miscellaneous expenses or surgeon fees) . The first question you should ask yourself is; "what is my financial risk with this policy in the event of an injury or illness requiring expensive treatment?" For example, what is my financial risk with this policy if I have to stay in the hospital for 2 weeks or have a $150,000 bill? The three most important features of an insurance policy (other than coverage) are the deductible, the maximum out of pocket (including deductible and maximum coinsurance) and the premium. If you have a $1,000 deductible and maximum coinsurance of $2,000, then your financial exposure is only $3,000 a year (of covered charges) in the event of a serious illness or injury requiring expensive treatment.

Secondary to the above, you will also want to consider what additional features the policy includes. For example, does it include thorough coverage for prescriptions, out patient services, doctor copays and preventative care? Are my doctors and hospitals in the network? How does the plan work if I go out of network?

These are just a few things to consider when purchasing a plan. We are here to help. Please contact us so we can help you find the best plan for your money!

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