The purpose of health insurance
is to cover and reduce the cost of health-related expenses. A good
health insurance plan saves you money and protects you from having to
pay in full for high medical expenses, now or in the future.
You may no longer be covered by your employer or may be
self-employed, which puts the burden of getting health insurance
coverage squarely on your shoulders. It may seem like a maze of
information, but here are some tips to make it easier to find the best
coverage for you.
To pick the health plan that’s right for you, balance the cost of the plan (the premium, usually paid monthly) with the level of coverage and the amount it saves on your medical expenses. Consider a plan’s deductible (how much you pay in expenses before coverage starts), co-payments (the fixed amount or percentage you pay of the full cost of products or services) and out-of-pocket limit (also referred to as out-of-pocket maximum, the most you may pay out-of-pocket for healthcare costs in the year).