It is no secret that the cost of healthcare has been on the rise for years. In fact, according to a report by National Health Expenditure, health spending in 2020 is forecasted to rise 9.7% from 2019, which is considerably faster than the 4.3% growth seen in 2018-2019. That’s why many people opt to skip health services altogether.
However, foregoing healthcare is a risky proposition. Many health conditions can become more serious (and expensive to treat) if they don’t get caught early. Luckily, many healthcare plans are available today, and the right plan for you will depend on your individual needs. If you’re unsure where to start, consider the following:
Comprehensive Health Insurance
Many people get their health insurance through their employer. If your company offers health benefits, you may be able to choose from a variety of comprehensive health plans. These plans typically cover a range of medical services, including doctor’s visits, hospital stays, surgery, and prescription drugs.
Comprehensive health insurance is probably the most popular type, as it offers a good mix of coverage and affordability. However, these plans may not be able to cover everything you need. For example, some comprehensive plans exclude certain types of care, such as dental or vision.
Nonetheless, this insurance is still a good option for most people. A comprehensive plan will likely be the best way to keep everyone insured if you have a family.
High-Deductible Health Plans
A high-deductible health plan (HDHP) is another popular option, especially for relatively healthy people who don’t need much medical care. HDHPs tend to have lower monthly premiums than other types of health plans. However, they also come with a higher deductible or the amount you’ll need to pay out-of-pocket before your insurance coverage kicks in.
Once you’ve met your deductible, most HDHPs will cover a certain percentage of your medical costs (up to a limit), and you’ll only be responsible for paying a copay or coinsurance.
HDHPs are an excellent option for people who don’t need much medical care and want to save on monthly premiums. Remember, though, that you’ll be responsible for paying more out-of-pocket costs if you need to see a doctor or get other medical services.
Most healthcare coverages don’t include dental services, so you’ll likely need to purchase a separate dental insurance policy if you want this coverage. Dental plans typically cover a range of services, such as teeth cleanings, fillings, and x-rays.
But what about patients who require tooth extraction services or other more extensive procedures? This part is where additional coverage might be necessary. Many insurance policies only cover a certain percentage of the cost of these more expensive services, so patients must be mindful in choosing their insurance options.
Some dental policies also come with an annual spending limit, which means that once you’ve reached your limit, you’ll have to pay for any additional dental care out-of-pocket. More so, cosmetic dental procedures are often not covered by dental insurance policies.
Dental insurance is a good option for people who want to be proactive about their oral health. It’s also a good idea for people with existing dental problems that need to get addressed. This way, you can be sure that your dental coverage will help cover the cost of these services.
Similar to dental insurance, vision insurance is typically not included in comprehensive healthcare plans. This policy can help cover the cost of annual eye exams and glasses or contact lenses.
Vision insurance is a good option for people who want to maintain their vision health. It’s also a good idea for people with vision problems that need to be corrected. This way, you can be sure that your vision coverage will help cover the cost of these services.
Some vision policies also offer discounts on laser eye surgery, which can significantly benefit people considering this procedure. But not all policies cover this type of surgery, so it’s essential to check with your insurer before making any decisions.
As its name suggests, life insurance helps financially protect your loved ones in the event of your death. This policy can help cover funeral costs, pay off debts, and provide income for your family.
Life insurance is a critical consideration for anyone with dependents. It’s also a good idea for people with significant debt, such as a mortgage or student loans. This way, you can be sure to take care of your family financially if something happens to you.
No one knows when an unexpected illness or accident might occur, so it’s essential to have some healthcare coverage. The above are the different health insurance policies that can help you and your family stay protected. In doing so, you can ensure that you’re well-prepared for whatever life throws your way.