How to avoid overpaying for health insurance
If you don’t understand the alternatives available to you, the possibility exists that you could be paying thousands more out of your pocket each year than necessary.
Overpayment for health insurance can take several forms, including;
Choosing insurance based on monthly premium alone, and ignoring your predictable consumption of services. Your out of pocket expense for insurance includes your premium as well as the sum of all deductibles, co-pays, and co-insurance. Considering all in your choice of health insurance is key to minimizing your out of pocket expenses.
Neglecting to carefully evaluate your existing health insurance plan, comparing it to the anticipated needs of you and your family, and comparing it to your alternatives in the market. Forecasting your most likely and worst case total out of pocket numbers before you make your choice will provide the peace of mind that you are not over (or under) insuring yourself and your family.
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