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Top ways to find perfect health insurance

The user-friendly plan finder lets you zero in on a plan with the coverage you need at a price you can afford. To make a good choice and avoid some common traps, however, you need to keep a few basics in mind, starting with the meaning of such terms as premium, deductible, copay, and coinsurance. Then go through the checklist provided here, with your likely medical needs and how much you can pay a month as the backdrop. With the right insurance, you could save thousands, perhaps even tens of thousands, if you or a family member gets sick.

Do proper networking

If you have a primary care physician and specialists you like, be sure they are in the network of any plan you consider buying. Policies generally cover a lower share of the cost of out-of-network care—or none at all. It is always recommended to do proper background-checking before proceeding into any decisions regarding taking insurance.

Know the share costs

This is not crystal-ball gazing. Plans are required to state how much you will pay out of pocket, through flat fees called copays and through coinsurance, a form of cost-sharing in which you pay a percentage of a medical service. When you are sick, seemingly small co-pays can add up. And an expensive procedure could leave you obligated to pay thousands in co-insurance.

Find annual limits

The Affordable Care Act still allows plans to impose limits on services not deemed essential and, in some cases, to obtain a waiver allowing them to retain an annual limit. There has been many changes in the policies regarding to the annual limits and you always need to be aware of the consequences.

Coverage of drugs

Do also make sure your drugs are covered. You will want to make certain that the plan’s formulary, or list of covered medications, includes those you take regularly, especially if they are expensive. This is necessary to avail the basic benefit of having a medical insurance in your name.

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