Insurance provides a safety net for your family – which should bring you a lot of peace of mind, right?… The problem is, so many of us don’t really understand our health insurance, so we don’t know if we’re getting the right coverage, if we’re paying for benefits we don’t need while missing out on things we DO need, paying too much, or worse – missing coverage that you might need to help in an emergency. According to a recent study on consumers and health care, 1 in 4 Americans choose the wrong level of health care coverage. The main reason that this happens is because people don’t understand health insurance very well, and don’t have the time to read through hundreds of pages to figure out the differences between all of the options that are available to them – so they kind of go on autopilot, and stick with the same plan year after year. But plans change – what was included in that plan last year might not still be there this time. And families change – new babies, new doctors, new health problems all lead to new needs in your plan. So what do you do?
Understanding Health Insurance During Open Enrollment
For many people, this is the season of open enrollmet, meaning it’s the time of year when you make a choice on which insurance to commit to for the whole new upcoming year. Here are a few terms you’ll need to know:
- Deductible: This is a fixed dollar amount that you will have to pay out of pocket for medical expenses before your insurance will kick in.
- Copayment: This is the fee that you have to pay {usually upfront} out of pocket for each service you get. There are usually different copays for doctor visits, specialists, out of network doctors, and hospital stays. Since this is a fee you know you’ll be paying, it’s an important one to compare.
- Flexible spending accounts or arrangements (FSA): These are accounts offered and administered by your employer, that provide a way for you to set aside, out of your paycheck, pretax dollars to pay for your share of insurance premiums or medical expenses not covered by your health plan. This can be a tricky one to estimate – but if you know that the kids will need braces, or other services that will lead to big out of pocket expenses, you can save by using one of these accounts.
- Maximum out-of-pocket expense: Until this dollar amount is reached, you and your insurance will split your bills according to the plan agreement. After this dollar amount is reached – they’ll pick up all expenses after that. If you have any on-going medical problems in your family, this can be an important number to compare.
These are some of the main things that I look at when comparing plans. But, if you have any other terms that confuse you, you can check out this health insurance terms glossary to find anything you need help with. And – keep in mind, no matter which insurance you choose, there are ALWAYS going to be expenses that are not covered. But – there’s one more tip to know, to help protect your family in case of emergencies. {Because we all know, as a mom – you MUST expect the unexpected!}
How to protect your family in an emergency
The video explains how Aflac works pretty darn well, but if you need a little more info, or want to get a quote, visit them online at Aflac.com. And, I can tell you from multiple experiences that this is a service that totally lives up to the claims it makes. It has exceeded my expectations every.single.time. They have a lot of options to choose from, and even one of the smallest plans {at the lowest rates} is still going to be a life saver to you if something goes wrong. When I had Abby – things happened pretty unexpectedly. My water broke 3 weeks early. Her delivery suddenly took a bad turn while I was pushing – her oxygen dropped, her vitals were bad. They brought in an NICU team to take her away as soon as she was out, before I could even hold her. We spent over a week at the hospital – meaning a lot of extra expenses. Having Aflac to help with the extra expenses that insurance didn’t cover helped me avoid a ton of unneeded stress, and just focus on my family, and getting us all back home again. I seriously recommend this for every family out there – You will not regret it, but you may regret not joining, when you face an emergency yourself.
Let’s Chat: What are your biggest challenges with your insurance? Do you have a story to share about Aflac too? Leave some comment love….
{Disclaimer: I wrote this review while participating in a campaign by Mom Central Consulting on behalf of Aflac and received a promotional item to thank me for taking the time to participate. All opinions are 100% my own – Only the best services and products get shared here – I love Aflac, and think you will too.}
Interesting. I’ll have to check Aflac out. We are changing up our insurance a lot this year and I want to make sure we can cover any incidentals.