Knowing The Mistakes To Avoid When Buying Coverage Is Just As Important As Knowing What To Look For

The complexities of selecting health insurance for yourself and your family can be daunting, and knowing what mistakes to avoid when purchasing coverage can help ensure you make the best choice for yourself and your family. Like a car or home, health insurance is a significant purchase that significantly impacts your finances, health, and overall well-being. Thus, this is not a decision to be made in haste or taken lightly.

If you and your family need health insurance coverage, consider these common mistakes to avoid as you consider the many coverage options available.

Not Doing Your Homework

One of the most significant mistakes to avoid when purchasing health insurance is not doing enough research. Each insurance plan is unique, with multiple coverage components and variations in the scope of benefits, premiums and other out-of-pocket costs, and the provider network size. Take the time to compare different plans, understand their terms, and consider your specific healthcare needs.

Of course, all of this research can be time-consuming, and even if you invest a lot of hours into comparing plans, the complexities of health insurance may still leave you confused and unsure as to which plan is best for you. That is why one another mistake to avoid is:

AZ Health - mistakes to avoidOnly Focusing on Premium Costs

Your monthly premium amount is unquestionably a critical financial consideration when purchasing health coverage. But one of the critical mistakes to avoid is looking at Arizona health insurance premium amounts without considering the other out-of-pocket costs involved in a given plan. While a low monthly premium might seem appealing, plans with lower premiums usually come with higher deductibles, co-payments, and out-of-pocket maximums. This can mean you may pay more when you actually need healthcare services. Balance your premium costs with other factors like deductibles and coverage to find the best value for your situation.

Overlooking Out-of-Pocket Costs

As noted, only focusing on premiums means overlooking all the other out-of-pocket costs you will be on the hook for. You need to understand how deductibles, co-payments, coinsurance, and other cost allocations work for a given plan, as they will all affect how much you will pay for care and treatment. Consider your historical health care needs to help you estimate how much these non-premium expenses will be in the years ahead.

Not Understanding the Size of The Provider Network

Health insurance plans often have networks of healthcare providers whose services will cost you significantly less than seeing an out-of-network provider for care. You want to ensure that your preferred physicians, hospitals, or other facilities are in-network. Even if you do not have specific providers you want to stick with, one of the biggest mistakes to avoid is limiting your care to a small network. Instead, check out plans with an extensive network in your area that can cover all your healthcare needs.

Not Considering Future Life Changes

Life is unpredictable, and your healthcare needs can change over time. When buying health insurance, consider your current situation and potential life changes, such as getting married, having children, or nearing retirement. A plan that suits your current circumstances may not be sufficient in the future.

Related: The Value of Health Insurance for Self-Employed Individuals in Arizona

Failing to Review the Summary of Benefits and Coverage

Did you know that all health insurance plans must provide interested parties with a Summary of Benefits and Coverage (SBC), which summarizes the plan’s key features and costs? Take the time to review this valuable document.

Skimming over or skipping the SBC without reviewing the plan’s coverage and comparing the benefits with other options can keep you from making an informed decision and is one of the mistakes to avoid when selecting a health plan for you and your family.

AZ Health - mistakes to avoid

Not Working With An Experienced Health Insurance Broker

A mechanic has the expertise to fix your car, a doctor has the expertise to treat your injury or illness, and a health insurance broker has the expertise to help you pick the an insurance plan that fits your needs and budget. Brokers live and breathe health insurance, are trained and licensed, and focused exclusively on helping you find coverage. Your broker will walk you through the process, explain everything, and answer all your questions. The best part is that, unlike going to a mechanic or a doctor, you will reap the benefits of a health insurance broker’s knowledge, insights, hard work, and resources without paying a cent for their services.

Arizona Health Insurance Experts: Helping Arizonans Avoid Costly Mistakes in Health Insurance

Arizona Health Insurance Experts helps individuals and families across the state find the health plan to keep them healthy and happy. How? By connecting them with the state’s most extensive collection of independent insurance agents and brokers.

Our services deliver the exceptional customer experience you deserve and the individual and family health insurance coverage you need.

Find a broker near you today.