Here at Elite Benefits Group, we want to help you get the right health insurance for your needs. Our team has been in the insurance business for over 25 years, so we know a great deal about where people make mistakes when choosing their plan. In this article, we’ll go over three of the most common mistakes we’ve seen when buying individual health plans so that you can avoid them.
- Only Focusing on the Premium and Deductible. The first mistake that we see when it comes to choosing individual health plans is focusing only on the premium and deductible. There are other important factors to consider, like what percentage of surgical costs the company will cover–for example, a $12,000 surgery that’s covered at 80 percent may still leave you with a $2,400 bill to pay after your deductible.
- Going with the First Option You See. Another common mistake is buying the first individual health plan you find, without taking the time to shop around. While comparing insurance plans can be tedious and frustrating, doing so can save you hundreds of thousands of dollars in the long run. Our team encourages you to do this due diligence, and we are happy to offer our expertise to make this process easier.
Not Considering Prescription Coverage. If you are on any long-term medication, one of the worst mistakes you can make when comparing individual health plans is to ignore prescription drug coverage. Without the insurance company to cover some of the costs of these medications, they can get prohibitively expensive, so you should always choose a plan that will provide that coverage for you.