How Much Do You Know About Health Insurance?

You’re up to speed on coverage for your car and home, but how much do you know about health insurance? By definition, it’s a way to pay for health care and protect against the full costs of medical services when you’re injured or sick. No plans are identical and cost can vary based on things like which doctors you choose and frequency of visits, screenings, ER trips, and even prescription drugs. Some plans may include vision and dental. Others can offer valuable extras like personalized health advocacy services, like Health Advocate, or reimbursements for healthy activities like going to the gym. All of these factors can influence your monthly rate and rates may adjust from annually.

Choose a plan by asking yourself these questions: Do I anticipate seeing the doctor a lot or needing a fair amount of health care services? (If so, a plan with a higher premium and lower copays and deductibles may be more valuable.) Is my preferred doctor or hospital considered in-network? Am I eligible for help paying for my health insurance? Are my regular medications included on the plan’s drug formulary? And how much will I need to pay for non-formulary prescriptions? Gathering insurance information and exploring your options (i.e. Health Maintenance Organization, Preferred Provider Organization, etc.) is the best next step you can do to maximize the benefits of health coverage.

Without insurance, health care — and its potential out-of-pocket costs for trips to the doctor or even thousands of dollars for a surgery — is an expensive bill to foot. With coverage, your insurer shares the cost with you and may be able to negotiate better rates from the doctors and hospitals. Even better, you won’t just use health insurance when you’re sick. Thanks to covered preventative services like regular check-ups, it can also help you lead an overall healthier life.

Find more information on how Independence Blue Cross can be a part of your plan for health and wellness.

Sponsor content is created for IBX by Philadelphia magazine as a marketing collaboration with IBX. This material is intended for reference and information only and should not be used in place of advice from a doctor or suitable qualified healthcare professional.