Seven Ways to Waste Money on Health Insurance | Get Smart Get ...

Happy April Fool?s Day, folks!

In the spirit of holiday, we?ve compiled seven excellent tips to help would-be April fools make poor health insurance decisions this year. Here we go:

1. Wait for the 2014 health care reform provisions to kick in before getting coverage! The 2014 provisions of the law are the ones that will require most people to have coverage and prevent insurance companies from denying you coverage based on your medical history.

It may sound tempting to wait for 2014 before you get coverage, but the medical bills for a serious illness or injury could land you in bankruptcy between now and then. Explore your coverage options now before it?s too late. If you have a pre-existing medical condition visit pcip.gov or coverageforall.org to learn about government-sponsored options.

2. Don?t look into all your coverage options! Employer-based coverage is generally best for most people, especially for those with pre-existing medical conditions who may be declined elsewhere. But if your employer plan doesn?t meet your needs or you can?t afford it, take a look at the individual and family health insurance market when your next open enrollment period comes around.

3. Keep adult children on your plan till age 26 no matter what! The 2010 health reform law allows you to keep adult children on your health plan until age 26, which is great news for a chronically-underinsured segment of the population. But if your young adult children live in another state there may be no in-network providers nearby and their coverage could be limited at best, even non-existent. Work with adult children to see if there are any more affordable alternatives in the individual market.

4. Ignore unfamiliar terms like ?coinsurance?! It?s shocking how few people can define or explain basic terms like ?deductible? or ?premium.? What?s even more disturbing is how incredibly few people know what ?coinsurance? means: a mere 25% according to a 2011 Kelton Research survey sponsored by eHealthInsurance*. Coinsurance is another ? and very important ? form of cost-sharing. It means money out of your pocket. If you buy a plan with a 70% coinsurance rate and don?t know what you?re getting, you may be in for a rude awakening.

5. Overlook Short-term health insurance coverage! A lot of people who buy coverage for themselves only need it for a short period of time, or only as a back-up in case of unexpected accidents or illnesses. Rather than limiting themselves to major medical individual policies, some consumers should consider short-term plans. These don?t typically cover things like preventive care or prescription drugs, but they can provide an affordable safety net for medical emergencies for up to six months at a time.

6. Wait till you?re pregnant or sick to look for health insurance! Unfortunately, lots of people wait until it?s too late to get the coverage they need. In most states it?s still possible (until 2014) to be declined coverage due to a pre-existing medical condition. If you?re pregnant or already sick and in need of serious medical care, it?s probably too late to find affordable coverage on your own. Your only options may be employer-based coverage or government assistance. Don?t wait until it?s too late!

7. Never negotiate medical costs! If you have no health insurance or want a kind of treatment not covered by your insurance plan, it?s a good idea to negotiate prices with your medical provider. Without processing your claim through an insurance company you won?t benefit from the lower rates insurers negotiate with medical providers. If you can pay in cash up front or create a payment plan with your provider, you may be able to lower your costs by up to 30%, according to the New York Times**.

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*To learn more about the Kelton Research survey visit: http://news.ehealthinsurance.com/pr/ehi/what-is-your-health-insurance-218679.aspx

**New York Times, March 13, 2009: http://www.nytimes.com/2009/03/14/health/14patient.html?_r=2

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