10 FACTS ABOUT HEALTH INSURANCE

The more you know about health insurance, the better able you will be to find the best health insurance company. Here are ten things everyone should know.

1. Going without insurance costs more than having it. There are many practical ways to save money on health insurance, but foregoing coverage isn't one of them. The medical bills from a small car accident can obliterate your savings, and the costs from a major illness could put you on the brink of bankruptcy.
2. Take advantage of employer-sponsored insurance. Employer-subsidized coverage is almost always a better deal than trying to find the best health insurance company on your own, even if you are healthy and young.
3. Comparing plans is difficult but necessary. As you look for the best health insurance company, you will find that costs and benefits vary greatly by plan. You will have to examine each plan carefully to decide on the best health insurance company for you.
4. The lowest premium doesn't always mean the cheapest plan. The coverage you receive with a plan is just as important, if not more so, than the premiums you pay. In the end, the best health insurance company for you is the one that offers the most affordable plan with the benefits you will use the most.
5. Even quality coverage can have loopholes. It's a given that your insurance plan will pay at least a certain portion of your doctor and hospital bills. However, mental health, dental care, and prescription drug benefits are usually optional.
6. Freedom costs more. When deciding on the best health insurance company, you will have to decide what kind of price you place on freedom and flexibility in your healthcare choices. The more flexibility you demand, the more you'll pay.
7. Research networks before you sign up. Many public and private organizations have information on the track records of doctors, hospitals, and insurance plans.
8. If you lose your job, you can keep your health insurance plan. By law, you are protected from losing your healthcare coverage if you lose your job, but you will face significantly higher premiums without the employer subsidy.
9. Working couples have additional decisions to make. If you and your spouse are both covered by employer-sponsored plans, you will have to decide which plan is best to cover your entire family.
10. Don't forget tax breaks. Medical expenses are usually not deductible until they exceed 7.5% of your gross income. However, if you're self-employed or your employer put forth a flexible spending account, you can get tax breaks without exceeding that minimum.