Top 4 Hidden Costs Of Having Basic Medical Coverage

You may think that all you need is basic medical coverage and for a lot of healthy people this is all they need. However, for a great number of persons their needs exceed basic coverage. You may also be of the mind that basic medical coverage should be straightforward and all fees are also clear and easy to understand. For the most part, this is true, fees are as stated. The issue comes with the things that aren’t so in your face or that and clearly explained or expressed. Basic medical coverage also comes with hidden costs. We’ve listed some hidden costs that you may not have thought about. 

4 Hidden Costs Of Basic Medical Coverage

As mentioned above basic medical coverage also has hidden fees that can surprise you at the least opportune moments. It’s recommended that you review what your plan does and doesn’t cover and what portion you have to pay out of pocket. This is where you will find the hidden costs. This is true even for Medicare and Medigap as well as other private insurance options. It is a good idea to look into comparison charts that show why Original Medicare and Medigap is better and can be a good option for you. Medical insurance isn’t a one size fits all type of thing so it’s important to do your own research. Here are 4 of the top hidden costs of having basic medical coverage. 

1. Medical Exams

You may think that your basic coverage will take care of things like medical exams. Unfortunately, this isn’t always the case. Depending on your plan it may only cover your annual physical exam. All others will mean you have to pay out of pocket. Things like eye exams and hearing exams may not be covered under a basic policy. These can be hard to take care of on your own as some specialists are expensive. You should check around before deciding on a plan even if it’s the most general plan. Make sure you know what all exams fall under your coverage as you may need to get supplemental insurance or upgrade your plan to upgrade your needs. 

2. Long-Term Care

This is probably one that relies on the definition of long-term. For some plans that can mean 3-days others may mean 3-weeks. This is something you’ll have to pay close attention to. You may read that you have longer-term care and don’t take into account the amount of time this covers before you have to pay for the rest of the time of your medical care. Often persons don’t find out the exact terms of their long-term care policy until they or someone they love has already been admitted to the hospital or in need of emergency surgery and care. This can deplete a savings fund in a matter of one transaction. 

3. Dental Care

Dental care is another area where reading the full details is important. Some plans may say that it covers dental but there are usually conditions with this. It may only cover your general checkups. It doesn’t account for oral surgeries, corrective treatments, and other dental needs. Again this partial coverage can find you burning a hole in your wallet. Make sure you know what’s covered under dental and make the necessary adjustments to suit your needs. 

4. Cosmetic Surgery

Lastly, cosmetic surgery is somewhere you can find hidden costs in the structure of your policy. Depending on how the need arises cosmetic surgery may not be covered. You might need to have surgery to fix a pressing issue but it won’t cover the cosmetic side of the surgery as it’s not considered a necessary surgery according to your medical coverage. This will mean that you’ll have to come up with the funds to cover the cost of the cosmetic surgery. 

It’s important that you know exactly what your insurance includes and excludes. You also need to know what you have to pay whether that’s your copay or deductibles. These are all important and can present themselves as hidden fees later on. Make sure you understand how your plan works before you sign your contract and start paying your monthly fee. Insurance is there to help you in difficult times. It shouldn’t be a burden or cost you more stress than it benefits you. Remember that plans vary from person to person and no one plan fits all. Ask questions, get recommendations and do your research.