When choosing a plan, it’s important to think about your budget, how much you’d like to use your insurance coverage and how much financial protection you want against unpredictable medical expenses.
From here, it’s important to look closely at your medical plan's deductible, co-insurance and co-payment breakdowns to determine what works best for you, your budget and your lifestyle.
Here are a few things to consider:
Deductible: A plan with a high deductible will have a more affordable premium (total policy cost). But you'll pay a set dollar value upfront when you need medical care. You can also look for plans that cover some services before you pay your deductible. Speak with your insurance broker on the best option for you.
Co-insurance: Co-insurance is your share of the costs of a health care service. It's usually figured as a percentage of the amount we allow to be charged for services. At Expat Insurance, we advise our clients to stay away from co-insurance plans as it increases your risk of financial insecurity should the unexpected occur and you require urgent medical care.
Here's how it works. Sarah has allergies, so she sees a doctor regularly. She just paid her $1,500 deductible. Now her plan will cover 70% of the cost of her allergy shots. Sarah pays the other 30% - that's her co-insurance. If her treatment costs $150, her plan will pay $105 and she'll pay $45.
Co-payment: If you visit your doctor or pharmacy often, you might want to choose a plan that has a low co-pay for office visits and prescriptions.
At Expat Insurance, we work closely with you to understand your risk appetite and financial affordability in the event that serious medical care is required. We then carefully design and recommend an insurance plan that’s individually tailored to you and your needs.
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