In most serious situations, it's good to have a fallback Plan B. When shopping for health insurance you need four of them, Senior Correspondent Mike Causey says...
The health insurance hunting season for active and retired feds ends Dec. 9. Even if you hate to shop, it is important that you pick the right plan for you. And that you don’t overpay or skimp on premiums and wind up in serious financial trouble.
Think worst-case scenario and you may be able to avoid it:
Suppose you are hit with eye-popping, wallet-draining medical bills next year. Maybe an accident. Maybe a life-threatening disease or medical condition. Who is going to pay for the treatment you need? Could you afford to shell out $15,000 for yourself, or twice that amount for your family, before your health insurance took over?
Or suppose you decide to retire, or find out you must retire, only learn that you won’t be eligible for the government’s cradle-to-grave Federal Employees Health Benefits (FEHB) program because you’ve been covered by a plan outside the FEHB program for the previous five years.
You can’t avoid getting older, nor can you choose not to be struck by a major illness — or a bus — but you can take steps to prepare yourself for a worst-case scenario.
HMOs — for health-maintenance organizations — stress preventive care, do very well with maternity benefits, and have minimal out-of- pocket costs and very little paperwork. Some even have all of their doctors in one facility, which can be a major time-saver for you. And them.
There are four very important things to remember as you shop for health insurance. Remember the Open Season ends next Monday. Things on your checklist should include:
NEARLY USELESS FACTOID
Compiled by Jack Moore
Approximately $1 billion in gift cards goes unredeemed each year.
(Source: MarketWatch)
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Mike Causey is senior correspondent for Federal News Network and writes his daily Federal Report column on federal employees’ pay, benefits and retirement.
Follow @mcauseyWFED