Don't Believe the Hype: Debunking Health Insurance Myths

I may earn a commission from the companies mentioned in this post. Regardless, I only recommend products or services I use personally and believe will add value to my readers.

Health insurance can be a complex topic to navigate, and unfortunately, there are many myths and misconceptions that can make it even more confusing. In this article, we'll take a look at some of the most common health insurance myths and debunk them with humor and wit.

Myth #1: You don't need health insurance if you're young and healthy.

Ah, the classic myth. Just because you're young and healthy now, doesn't mean you won't need health insurance in the future. Accidents and illnesses can strike at any time, and without insurance, you could be stuck with a hefty medical bill. The time to get health insurance is while you’re young and healthy; that is when it is at its least expensive and some options allow you to lock in rates for longer or keep your plan as long as you keep paying premiums. So, save yourself the headache (and wallet-ache) and get health insurance now.

Myth #2: You only need the cheapest plan.

Sure, the cheapest plan might seem like the best option, but it's important to consider your healthcare needs. If you have a chronic condition or regularly see a specialist, a cheaper plan might not cover all of your expenses. It's worth investing in a more comprehensive plan to ensure you're not stuck with unexpected medical bills. Or you can add a suplemental plan to offset some of the charges that will inevitable arise when you have a cheap plan.

Myth #3: All health insurance plans are the same.

Wrong. There are a variety of health insurance plans available, from HMOs to PPOs to EPOs. Each plan has its own set of benefits and limitations, so it's important to do your research and choose the plan that's best for you.

Myth #4: You can only enroll in health insurance during Open Enrollment.

While Open Enrollment is the designated time to enroll in health insurance, there are certain life events (such as getting married, having a baby, or losing your job) that allow you to enroll in health insurance outside of the Open Enrollment period. In order to enroll during one of these life events, denoted as a Special Enrollment Period, you must have had qualifying health insurance before the life event. But if you qualify for tax credits, or subsidies as they are sometimes termed, you can still get them when qualifying for a Special Enrollment Period. Click HERE to check on what plans are available.

Myth #5: You can't negotiate your health insurance premium.

Not true. You can negotiate your health insurance premium with your provider, especially if you have a good payment history and are a loyal customer. Many insurances give discounts for bundling your health, dental, vision, or supplemental coverage. Some even pay their clients to keep up with their preventative visits in order to prevent larger claims and as you prove your health by not needing treatments or claims, that is when you can negotiate with your provider showing your health history as a jumping off point. It never hurts to ask!

Don't let health insurance myths hold you back from getting the coverage you need. By debunking these myths and taking the time to research your options, you can find the right plan for you and your family. And if you need help, don't hesitate to reach out to a trusted insurance advisor for guidance.