Notes

Choosing Your Health Care

You may still have the chance to renew your existing health insurance plan or buy a new plan with the open enrollment which ran from November 15, 2014 until February 15, 2015. Axis Capital Holding Group Ltd, a group of insurance companies with branches in Europe, America, Singapore and Jakarta, Indonesia with their main office located at Bermuda has collected some tips for you to review and consider.

Old-timer
For those who already have their healthcare insurance or Health Management Organization (HMO) but are considering whether to renew it or not, you may consider which company has the best coverage. You may ask your potential insurer the following questions:
1. Will your drug prescription be covered?
2. Will I have to pay each time I see the doctor or go to the hospital for consultation?
3. What will my monthly premium be for 2015?

If you have any questions about what changes your plan may make to your coverage in 2015, contact your insurer directly. Once you have taken the time to review any changes to your insurance plan, if you decide you want to keep the same plan, and your household income has not changed, you don’t have to do anything. Your plan will be automatically renewed. However, you may want to spend some time looking at plan choices to see if there is a better plan to meet the needs of you and your family.

If you qualified for reduced premiums last year, we recommend you log into www.healthcare.gov to update and double-check your income information, as that will ensure you receive the correct tax credit amounts.

Newbie

In browsing for the best insurance plan, you should also get an assessment which health insurance suited you the most. Think about how often you will be using your insurance coverage, how many times you get a check-up, whether you go see a certain specialist, your drug intake, whether you need specific therapy or which hospital or clinic you often go to. Here are the three factors that may help you decide:

1. Coverage – find out which services are covered beyond basic care and which are not. Also find out which hospital, clinic, doctor and prescription drugs are limited and included in the plan.

2. Cost - it is important to know the cost of the coverage. Most plans require some level of cost-sharing that you’ll be responsible for when you receive medical care. Cost-sharing can take the form of co-payments, deductibles, or coinsurance. Be aware of all of your cost sharing requirements before you apply for a plan.

3. Compare – it does not harm to compare one Health Care Insurance provider from the other. It’s good to be aware and identify which insurance company is legit and not a fraud nor a scam. It is also advisable to shop online and list companies that may catch your interest, contact them and ask them about their cost and coverage.