Risks Involved with Not Having Health Insurance

Taking a chance on not having health insurance is a gamble you do not want to take.

Given today's high costs of medicines and hospital visits, one could see their savings quickly obliterated.

In order to be properly covered when it comes to health insurance, there are a number of avenues you can travel to protect yourself.

Getting health insurance with your employer is oftentimes the best road to travel, but if you're without a job, that becomes much more difficult. If that's the case, search for your own insurance to be properly covered.

If you recently left your employer, look into COBRA (Consolidated Omnibus Reconciliation Act of 1985). Through COBRA an individual can extend their coverage for a year and a half beyond their parting date, though they will be responsible for the premium.

As you begin your search for health insurance, finding an agent to help you compare plans and costs is a great way to go.

One of the options that may interest you is a fee-for-service plan. The major advantage to this type of plan is that you determine which doctor to see and also when it is necessary to visit a specialist.

The one thing to keep in mind with a fee-for-service plan is that there is a major out-of-pocket cost for this type of care. In most cases, the premiums are typically higher, and should your doctor charge more than what is generally considered customary, you could have to spend more money.

Managed Care Opportunities for Coverage

When you look into managed care possibilities for health insurance, note that there are three basic types of this offering - PPOs, POS, and HMOs. All have their advantages and disadvantages, so be sure to thoroughly review them by yourself or with your insurance agent to make the best choice for you.

An important factor for many individuals in search of health insurance is whether or not their projected plan covers prescription drugs.

A number of plans have tiered benefit systems, and typically offer a preferred list of prescriptions that have offer lower co-pays. Be sure to look for any medication you are taking on this list; drugs not on the list can have a co-pay that is two times as high. Another thing to look into is if any plans limit the amounts of new prescriptions or refills for a given drug.

Finally, look into whether your regular physicians are members of your plan's preferred provider list.

All plans offer a database with their provider list on their web site. Opt for a plan that lists the majority of or all of your regular doctors. Take note that many PPOs will pay up to 20 percent less for out-of-network doctors.

The best advice is to shop around, call a number of agents and find the most coverage at the best price.