For most people, finding a cheap individual health insurance plan is the only factor that matters when shopping for a policy. However, there are some common misconceptions that may lead to buying a plan that looks cheap, but ends up costing more than expected.
Focusing only on the monthly premium. Generally, the lower the premium, the more you have to pay when you actually use health care services or buy prescriptions. Usually, a low premium is paired with a high deductible.
Confusion about cost-sharing. This term is used to describe the costs covered by health insurance vs. the costs you pay out of your pocket when you use health care services. The costs you pay to the health care provider include your deductible, coinsurance, copayments and other charges. This is the area that surprises people when they think they have a cheap individual health insurance policy, but it turns out their share of the costs for medical care is higher than they expected.
Not thoroughly reviewing coverage for potential upcoming healthcare needs. Planning a pregnancy? If so, it’s important to check what your plan covers related to prenatal care, childbirth and newborn care. If your coverage isn’t good, your cheap health plan won’t help you much. Be sure to check the plan’s Summary of Benefits and Coverage document (SBC).
Not reading the fine print. Fortunately, most new health insurance policies in Wisconsin are ACA-compliant, which means they must cover essential benefits, certain preventive services and they can’t cancel your policy, except for a very good reason – i.e. untrue application content or non-payment of the premium. This is true even for cheap health insurance for individuals. However, there are some other aspects to review in the fine print. For example, do you need a referral to see a specialist? Do you need prior authorization to buy the medication you need?
If you want a cheap individual health insurance plan, you might find that coverage with a higher premium may be the best bet, depending on what your specific needs are. Have a look at our health plans to learn what options are available to you or give us a call at 800.362.3310 and we’ll help find the most cost-effective plan for you.