What you need to know about medical insurance

Medical may be expensive, but not having it will cost a whole lot more.
Out-of-pocket costs of just one doctor's appointment could end up costing you hundreds of dollars of unexpected expenses. Medical bills from a minor car accident can deplete your savings, while a major illness could lead you bankruptcy.

Compare your plans and make sure to shop around.
Usually, the overage your company offers will always be the cheapest because they are helping to cover the cost for you. What you need to choose is which plan would be best for you and your family. If your employer does not offer medical coverage or you are self-employed is it important to shop around before committing to one particular medical plan. Comparing plans may seem like a daunting task but it is something that is needed. Unlike car insurance or home insurance there is not set standard for coverages. Benefits of the medical plans and cost will vary from plan to plan. Make sure the coverage that seems right for you has all the items you need. Considering your needs and what is important to you should lead you to find a company who will meet your expectations.

A low premium does not always mean it is the most inexpensive plan.
Think about what you are getting with your premium. Think about what you're getting for each dollar you spend. The lowest medical insurance premiums aren’t always the cheapest.

• Will there be high copayments?

• How much extra will you have to pay for check-ups or hospital visits?

• Will prescriptions fit in your budget?

These are some of the questions you want to look into.

The best coverage you find may not have everything you need.
Good medical coverage plans may present you with inexpensive prescriptions or hospital visits, but what about mental health care for dentist visits. These options are usually optional.

Freedom of choice cost more for you.
Medical insurance plans with a lot of coverage at a reasonable price usually require you to see a specific doctor or go to a certain hospital. If you already have a family physician you are comfortable with and do not want to change make sure they are in the network of the plan or you will need to pay higher co-payments. Researching the network before committing to a plan can save you money and grief down the road. They are many public and private websites that gather information on the history and reviews of doctors, health plans and even hospitals. Research each so you what you will be spending your money on.

Be prepared for the worst.
If you lose your job you can keep your insurance. State and federal bylaw protect you from losing your medical coverage. If this does happen though you may be required to pay higher premiums. Make sure to have a backup plan.

Don’t forget your better halves medical insurance.
With different options through each employer you may want to find out which plan would give you the most benefits. If you have questions about your plans talk to a medical insurance agent.