Virginia Health Insurance Question

Reader’s Question:

Are there any pre-requisite questions I need to ask before I jump into buying health insurance from the individual market in Virginia?

Rhea

Alexandria, VA

Glad you asked, Rhea.

Definitely there are a number of essential information you need to ask and know before you buy an individual health insurance policy in Virginia. This is for you to have the chance to cross examine and understand how any health insurance policy works and what it covers. Most health insurance policies do not offer comprehensive coverage that you can find in group polices. You better ask what services are covered in your prospective health insurance policy. Rehabilitation, mental health, substance abuse, and eye care are the most not included in health insurance coverage. It is also a fact that most policies offer a limited prescription drug benefit or no prescription benefit at all. However, I know of some health insurance policies which offer these and other benefits in the form of separate riders, which of course will have a corresponding cost.

Aside from that, you also have to ask if there are limits on the health insurance coverage. There are really some health insurance policies which put limits on the amount the insurance company’s share for a covered medical service. Some would also establish a limit on the amount you pay out of your pocket. An example would be a limit of $5,000 as out of pocket spending in a year. Different health insurance companies would have different out of pocket maximum.