When it comes to picking health insurance for yourself and your family, time plays a crucial role. However, limited time does not mean that you have the liberty to make an error while picking the right health insurance plan. So, to make sure that you do not end buying the wrong health insurance plan, here are a few tips and tricks that you can check out.

Know your finances
Before you buy health insurance or make any purchase, it is important to know how much your pocket can afford to spend. First, take a good look at the income your household receives every month. Then, measure all your monthly expenses which you have to make. Understanding these figures will allow you to know how much money you can spare for health insurance. Knowing your budgets will also let you look for health insurance plans that do not give your overall finances a hard time. Also, if you find out that you have more money to spare than what you were expecting, you could look for insurance plans that give more coverage than your old insurance. Some people might think that health insurance is not required or they cannot afford one right now. But, before you make that decision, remember that you will be liable for a tax penalty if you don’t have medical insurance. Therefore, the amount you will have to shell out as a penalty for not having health insurance must not be overlooked.

Compare the benefits
When you shop for health insurance, you might come across many policies that might look similar. But the one that you choose will determine how much you have to pay and which doctors you will be able to consult. When you are looking for a different plan, compare the benefits that each plan offers. If you are looking online, go through the summary of the benefits of every plan that you have shortlisted. Go through the list of doctors, hospitals, and clinics given by the provider. If you are getting your medical insurance from your employer, you must ask for the benefit summary from them.

Know your health history
Usually, purchasing health insurance only requires your basic details such as name and date of birth. But if you are going ahead with some additional coverage on your insurance, you will be asked to provide additional details. Therefore, it is important that you know your medical history and list down all pre-existing conditions that you or your family member might have. These include diabetes, asthma, or cancer. In case you were on prescription medication in the past, make sure you list down the start and end date of your medication and dosage. Surgeries or hospitalizations in the past must also be disclosed.

Never go for auto-renew
Sure, your current health insurance plan is covering all your medical needs, but with each year, those needs could change. Therefore, getting stuck with one plan is not a good idea. Auto-renewing your current insurance will give you the same benefits year after year, even when your medical needs might have changed. Also, new plans may offer more coverage than those already available. So, if you auto-renew, you could end up paying a lot more money for the same amount of coverage that you could have purchased at a lower price. So, as convenient as it may seem, auto-renew is not a good option.