Over 90% of the US population has some form of health insurance, but nearly 1 in every 12 adults have medical debt. And that’s only one consequence of choosing the wrong plan. Read on for our forewarning.
Consequence #1: You may never reap any benefit
Picking a plan with a deductible means your insurance won’t start paying for anything until you’ve spent the required amount out of your own pocket. So if you choose a health plan with a deductible of $10K, it means that YOU will pay $10,000 before any coupon in your health plan coupon book works.
Insurers keep raising deductibles too, so your Deductible Relief Day (the day your health insurance actually starts) is moving well into the late summer months. And for some folks who don’t use a lot of services, Deductible Relief Day will never come. It’s why there are so many reddit rants that start with “what is the point of my insurance if I never hit my deductible?”
Pro Tip: Look at your bank account. Whatever you have in there, divide it by 3, and that should become your MAX deductible.
Consequence #2: You may have to fight for coverage
To make sure it’s paying for care that’s medically necessary, your health plan may require a prior authorization from your doctor.
This paperwork may be enough of a hassle that your doctor prescribes something else. But if it’s something they’re willing to fight for, be prepared to roll up your sleeves too because:
Pro Tip: If you’re taking any branded medications, make sure they’re on formulary (i.e. preferred drug list) so there will be less hassle to renew.
Consequence #3: You may need to wait...and wait
Less expensive plans also tend to have less doctors in their networks. This means that you might have to make a LOT of phone calls to find a local doctor accepting new patients. OR you might have to wait 6-9 months for an appointment
Pro Tip: Check out the plan’s provider network to make sure there are plenty of available doctors in your local area.
How to make sure you don’t get ripped off buying health insurance
Just like you would read the ratings & reviews of AirBnB hosts and Uber drivers to make sure you’re making a safe decision, you should check out the real-life member ratings & reviews of insurance carriers at TwoBeHonest.com.
