Your Health Care Insurance Policy and You

If you are in the market for a health care insurance policy or switching to a new one there are many things to think about, like what providers you should use, premium cost, and the claim filing process. On top of all this, you have to pore over the fine print of every document and ensure that every contingency you can think of for you and your family will be covered. There’s nothing worse than unexpected insurance expenses.

Things to Consider

If you have any elderly people living in your home for whom you provide for, they may need to be included in your health care insurance policy. If this is the case, make sure that your policy will cover long-term care of all types.

For example, most senior citizens often stay in their home initially and can mostly take care of themselves, though they may occasionally require someone to clean, go grocery shopping, or administer meds and the like once a week. This kind of care can be quite costly, so make sure you’re your health care insurance policy helps you out financially in this regard.

As a senior citizen’s health gradually deteriorates, your loved one may require someone in their home 24/7, or may need to visit an adult day care center while you are at work for meals, activities and health care. Both options cost a lot of money, of course, so once again make sure that your health care insurance policy covers these expenses.

Another thing to consider is an assisted living center, a place where senior residents have their own duplex or condominium, allowing them to still feel independent but also providing 24/7 medical care as needed and optional meals and cleaning services. A lot of these facilities will also have on grounds a nursing home for residents that need to transition to full-time care.

You should also make sure that your health care insurance policy is clear regarding which providers you can pick from and still be covered. If you have an HMO policy, for example, you can only pick providers from a short approved list if you want to be covered, while POSs and PPOs merely give you a lower co-pay if you use a provider from their list.

You should also check to make sure that your health care insurance policy plainly lays out what your co-pay and deductable will be for all the various services and if an annual out-of-pocket expense limit exists so that your insurance company will pick up 100% of the cost after your reach that annual limit.