In many cases, a lot of people have not the slightest clue about the do’s and don’ts of health Insurance policies, and end up paying for more than they had bargained for. Below are some common health insurance mistakes that policy holders make, so it is definitely wise to steer away from them when they come your way.
Buying Too Much Coverage
Sometimes you may really have valid intentions. It can be quite tempting to just buy the high premium with a low deductible and hope for the best. But it would be best not to cover yourself if you are not in need of most of those services offered. You end up wasting thousands of dollars a year, which more than likely, would have been put into some other good use. It is one of the health care mistakes you should be most concerned about.
Lack of Comprehending the Policy
This is one of the most common health insurance mistakes most people make. It is only logical and actually, very smart to understand your policy, because you shall always be on ‘top of things’. Other reasons include:-
- There is also too much confusion when it comes to the so called deductibles, which are not clearly defined in the policy, so if you are just browsing over it, you will not comprehend what they have stipulated. You end up realizing when it is too late. The doctor’s visit has been made and you have no choice but to make the payment.
- Health insurance mistakes create a big dent in your bank account and they can be avoided if you were informed on the policy. There is also what they call Network Pricing, whereby if you go to a doctor that is not within your network, you get charged a higher fee. If you did not go through your policy and notice that simple detail, you would save a considerable amount of money on your doctor’s visits.
- There is also a lack of misinformation from the health insurance company to the buyer of the policy, meaning the right thing may be said, but with a striking lack of comprehension to the normal person. A ‘play of words’, so to speak and it makes someone quite confused. It may be intentional or not intentional, but it renders the policy holder confused and ready to do whatever, since according to him or her, it must be right. From the co-pay, to the x-ray fees you might incur in a hospital of doctor’s office, you have to be well informed and inquisitive as to why you are making these payments and how they arrived on a certain figure. After all, it is coming from your pocket.
Little of No Communication with Your Insurance Agent
Some people may walk into a health insurance company and walk out of it, after getting their policy, and never go back. That would be okay, since there is the phone; you can always contact your agent that way, but that doesn’t happen either.
With the increasing utilization of the internet, most policy holders do not even know the URL of their health insurance company website. That is very unfortunate because as a policy holder, you should be in constant communication with your agent for any lingering questions you may have about your policy. They also do not:-
- Call their agents to ask for specific queries they may have seen on their annual statements. It is wrong to make assumptions for those are what end up getting you irate for nothing, when you discover the true matter of things. health insurance mistakes like these ones, are a sure way of having a change of heart about the company, while in the long run, burden of responsibility was on you.
- Rely on the agent in regards to the basic questions that may arise from time to time when something happens to their health.
People are usually not aware of their health care mistakes. One other common one is the fixation of looking at only the deductibles and premiums. There is usually no long-term outlook on healthcare for most policy buyers or holders. This costs them. It is important to sit down and weigh all your negative and positive opinions about a policy before deciding to buy it. A hurried sense of doing it will only complicate your financial freedom later on.
- Read the policy carefully. health care mistakes are usually there for the taking, unfortunately, when you don’t read the policy. Everything that is lettered in bold, capital or even typed in little prints; take a good long read, before committing to it. You will thank yourself later.
- Get a second, third opinion if you have to. This is about your health and you should have the best.