Choosing Disability Health Insurance
Disability health insurance is designed to protect you and your family from financial worries when illness or an injury prevents you from being able to work. Some companies will offer disability health insurance cover, or you may find that you have to purchase your own policy. Being able to support yourself and your family is important to you, but you may need a little advice in choosing the right policy. Here are a few tips to help make your search that little bit easier:
Decide upon your level of coverage: Insurance plans come in 4 different levels, based upon the shared costs between you and your chosen provider. Each plan offers you the exact same basic health benefits, but they differ according to the amount of financial help you will need for things such as hospital visits or medication. A bronze plan, for example, may give you lower premiums but you’ll have to pay more towards certain health services.
Opt for a quality policy, not the cheapest policy: It can be tempting, especially if times are already hard, to simply plump for the cheapest disability health insurance policy, but this may not give you the coverage that you need. For a quality policy, you can expect to be paying from 1% to 4% of your income. Read the contract thoroughly before purchase: The contract for your disability health insurance policy should clearly state under what circumstances a claim will or will not be paid. You must familiarize yourself with this before you commit to before purchase.
Use the services of an insurance agent: If you’re finding the whole process of choosing the right policy to be stressful and time consuming, then why not consider hiring an expert agent to help? A specialist insurance agent will have a vast range of knowledge and experience at your disposal, and they will guarantee to help find you the very best policy for your circumstances. Once you’ve selected a policy, they will go through the contract with you and make sure that you understand every aspect of it so that if/when it comes to making a claim, you’ll be certain to get the best out of your policy.
Check the coverage and cost of prescription drugs: Every health insurance plan has a list of prescribed medications that they cover, and these are separated into cost levels called tiers. Tier one, for example, lists the cheapest medications. Be clear on what medications you may need coverage for and check your chosen policy for their availability and cost.
Research the exclusions and limitations: While it is often easy to simply focus on what a disability health insurance policy will cover you for, it’s important to look at and understand what it will not cover you for. Some typical exclusion from many policies includes cosmetic surgery and alternative therapies. It’s also worth noting that some plans will provide coverage for pediatric, dental and vision services, but they will not provide it for adults.
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