Managing Your Money: Tips for Buying Health Insurance
Managing your money wisely includes taking a close look at health insurance. Facing serious, life threatening illness is traumatic, and your fear of health insurance coverage can make it worse. To ease your fears about paying the bills, seeing specialists, and possible holes in your coverage that leave you responsible for medical bills, follow these guidelines for finding a solid health-care coverage plan:
Buy at least a $2 million policy limit, covering all illnesses and injuries. Avoid dread disease insurance.
Don't buy any policy with internal limits such as limits on room and board charges, surgical charges, and so on.
Avoid plans that deny you the freedom to choose your own doctor for serious medical conditions.
If your group coverage at work is weak, consider buying a major medical policy with high deductibles to plug the gaps.
If you're medically uninsurable, see if your state offers guaranteed health insurance.
If you're eligible for Medicare, absolutely buy a Medicare supplement policy. Make sure that it covers at least 80 percent of the gap between what doctors actually charge and what Medicare allows.