Though even little mistakes may have expensive results, health insurance is an investment worth making. Experienced insurance expert Fiona Adams exposes the most often occurring mistakes and offers advice on how to avoid them.
Focusing Only on Premiums Although a cheap monthly premium might seem appealing, Fiona cautions that skimping here could backfire. Before coverage starts, high-deductible plans may have you paying thousands out of pocket. To really understand affordability, always compare rates to copays, coinsurance, and deductibles.
Ignoring the Provider Network Falling in love with a scheme only to find your doctor isn’t covered is a certain way to cause irritation and financial outlay. Before you sign up, Fiona insists on making sure your chosen doctors are in-network.
Overlooking Prescription Coverage The formulary—list of covered medications—of a plan may either shatter your budget or help you stay within it. Fiona tells tales of consumers surprised by non-covered $500 monthly medications. Always double-check your drugs using the formulary of the plan.
Skipping the Fine Print on Benefits Perhaps hidden in the specifics are mental health treatments, physical rehabilitation, or maternity care. To prevent coverage gaps, Fiona exhorts consumers to closely review what is included (and omitted).
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Missing Enrollment Deadlines One might pay expensive costs associated with procrastination. You can be shut out of buying insurance outside of qualifying life events like marriage or job loss or open enrolment. Fiona’s motto is mark your calendar and act early.
Avoiding these errors will guarantee a strategy that really shields you—without uninvited shocks. The advise of Fiona Adams is about purchasing confidence rather than only insurance.
