Expensive health insurance mistakes to avoid

Category: Medical expenses

Hospital Emergency Room

Are you making any of the following health insurance mistakes? If so, they could be costing you. Some expensive health insurance mistakes to avoid include:

Not purchasing enough coverage

Too many people focus solely on their premiums and pick a plan that costs them the least amount of money possible. While this is better than nothing, and may be suitable for some individuals, failing to purchase enough coverage can cost you a lot more in the end. If you need regular prescription medications that are costly, or if you suddenly get sick or injured, you might be stuck with a lot of out-of-pocket expenses. If you’re unsure of what type of coverage would be best for you, be sure to speak to an insurance rep when you’re exploring your policy options.

Ignoring medical bills

Depending on the type of policy you have, you might make copayments at the doctor’s office, and/or you might receive medical bills in the mail. It could be weeks—or even months—after receiving treatment before you receive a bill, and it could be easy to overlook or just completely forget about these additional medical expenses. But falling behind on medical bills can result in substantial amounts of debt, and if you wait too long, could be turned over to a debt collector.

Going to the ER when it’s unnecessary

Being insured doesn’t mean that an ER visit still won’t cost you a fortune. It’s one thing if you’re experiencing a true emergency, but if you just need medical care off-hours or you’re not sure where else to go, you’ll often have other options besides the emergency room. Urgent care clinics, for example, can fix many issues for a fraction of the cost. The last thing you want is to spend hundreds (or thousands of dollars) for a few Band-Aids and aspirin.

Forgoing health insurance entirely

In an attempt to save money, many people will just avoid health insurance. Not only are there tax implications to consider, but forgoing health insurance completely can be the costliest mistake of all. There’s no telling what the future holds, and an accident or illness can happen at anytime. Without health insurance, you might not be able to receive the care you need, or you’ll be forced to pay out-of-pocket. Medical care can very pricy, and paying out-of-pocket can be difficult or impossible for many.

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Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.

Tags: emergency room, Health Insurance

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