We understand the difficulty of selecting your own insurance, especially when it comes to covering your family. When it’s time to select a plan with the coverage you need, what should you consider? Should you stick to a plan that is the most similar to a plan you had before or have your needs changed? Here are a few things to keep in mind when selecting the perfect plan for you and your loved ones:
Look at everything other than price first
Many folks want to choose the plan that will cost them the least amount of money, but the old adage rings true: “You get what you pay for.” Don’t make the mistake of choosing the least expensive option only to find that you aren’t covered for situations you feel like you should be. Look at the coverage options first when choosing a plan and worry about the price later. That way, you can determine what parts of the plan you find to be the most important and be sure that you made your choice based on the coverage you need.
Know your coverage limits
The cost of healthcare has continued to increase over the years, and we don’t expect it to lower anytime soon. Make sure that your coverage choice has reasonable limits that won’t leave you paying more than you expected after something happens. Always be prepared for the worst! Thanks to Affordable Care Act, you no longer need to check the policy’s dollar maximum per claim and dollar maximum per lifetime.
What was dollar maximum per claim?
Your limit per claim was the amount of money your insurer will pay after one event, such as an illness or car accident. A $1 million per claim limit was typically a good choice, but the Affordable Care Act has made it so that your limits cannot be capped annually or in your lifetime. A car accident that requires surgery and a large amount of healing time in the hospital can easily land you a bill of over $1 million these days, so the maximum has been eliminated.
What was dollar maximum per lifetime?
Instead of having a limit on your claim, some policies had put a limit on the rest of your life. If you needed the surgery and healing time from the previous example and your costs were over $1 million, you would need to take into account how much you had left. A $3 million per lifetime limit was the starting point for most. Now you no longer need to look at your family history and your medical history to gauge the chances of you requiring serious medical attention later in life.
Check for limitations
Some policies will only allow you so much money per day if you are staying in the hospital or a certain procedure will have a monetary limit on the policy. Make sure you know what these stipulations are ahead of time so you don’t choose a coverage plan that will leave you paying for too much out of pocket.
All of these factors are great starting points for selecting an insurance plan. Make sure to contact the professionals at Ameri Quote Insurance today to learn how we can help you.