When seeking to obtain medical insurance quotes online, it is important to keep in mind a few things when evaluating your options:
Don't just look the amount of your monthly premium. Many people get fixated and blind sighted by this number. It is easy to be beguiled into thinking that the monthly premium dollar amount - the amount that you write that check payable to your health insurance company every month - is how much your insurance costs.
What you need to be looking at is the big picture. When shopping around for medical insurance quotes online, the question you should be asking yourself is: What is my total cost of health care going to be if I choose this health insurance plan?
So as you research various medical insurance quotes online, you really should be looking for the following information. Get out that calculator, because you will need to do some basic arithmetic to compute your total cost of health care, over the course of one year.
1. Take the monthly premium and multiply it by 12. This is the total amount of money you would be spending in one year just to maintain health insurance coverage.
2. Take the total annual deductible for your household that you anticipate you might use up and add it to the above number. (If unsure, just use the maximum amount.)
3. Now, calculate, on average, how many times you and your dependents anticipate that you will be visiting a doctor and will need to pay copays. Multiple this number times the dollar amount of your office visit copay. Add the result to the running total from step #2 above.
4. Next, calculate, on average, how often and what types of prescription drugs you will be requiring over the course of the year. Do you know how much your copay for the prescriptions are? Calculate the total cost you will be spending on prescription drugs in one year. Add this to your running total.
This number doesn't even take into account those items that are not covered by the specific insurance plan. Nor does it take into account any amount of coinsurance you may have to pay. The point is that, your true cost of health care is what you should be comparing when seeking medical insurance quotes online, not just the monthly premium.
In some cases, you may be better off with a higher monthly premium if it means not having to pay a deductible or coinsurance. Or, in some cases, you may be better off with the lower monthly premium, if it means that you have a higher deductible and are less likely to use it up.
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