Ask These Questions about the Health Insurance Options from Your Company
You are on the process of negotiating your benefits and salary package and HR has informed you that you will be covered through the health insurance plan of the company. Isn’t that awesome? Well, don’t get too excited just yet. Aside from reading the fine print, there are several questions you have to ask so you will know that you and your family won’t encounter any surprises down the road.
Don’t hesitate to ask the following important questions to the HR about their health insurance offer:
Is the Offered Plan a PPO or HMO?
HMOs or Health Maintenance Organizations will give you access to specific hospitals and doctors within the network. The network is composed of providers who agreed to offer their plan members with lower rates and meet the quality standards. PPOs, on the other hand, offer more coverage and a bigger network of providers although this is usually associated with higher price tags. This will depend on your unique situation to identify the right option for you. Just ensure that you know what you will get into before you decide.
Will the Plan Cover Pre-existing Conditions and Special Procedures?
In case you have a certain condition that needs medical help or a member of your family covered by the plan needs it, you have to understand the coverage that the health insurance plan will offer. Ask as many questions as you can, including what is limited and what is covered.
How Long Do You Have to Wait Before Your Plan Takes Effect?
There are times when you have to wait before your company gets you onboard on their plan. Within this period, you can use a short-term health insurance policy temporarily. You can discuss this with your employer if they have available resources to get you on this short-term policy.
Will You Pay a Monthly Premium? How about Deductibles?
Is there a monthly premium? If yes, will it be deducted from your paycheck or will you give this in a different manner? Are there deductibles? If yes, what will be included? These are important questions you have to ask to know how the policy will affect your budget. This is essential if you expect that you will pay a deductible for prescription drugs, for example.
How about the Geographical Coverage Network?
Is the plan applicable only in your state? Can you also use it overseas? It is important that you know the type of coverage you will receive in different states. Take note that the network will correspond to your plan, not essentially the specific umbrella company that the insurance comes from.
Does the Plan Cover Your Current Doctor?
If you have to continue seeing the same doctor, don’t forget to ask if the new health plan will cover your current doctor. If they are unsure, there are insurers that publish directories. You can find this through at the hospital or at your doctor’s office.
The health insurance plan from your company can go a long way in giving you peace of mind. Always ask these questions to avoid regrets in the end.