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7 Common Mistakes People Make When Buying Health Insurance

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However, there are some mistakes that can hurt your wallet and potentially your health in the long run. Here are 7 mistakes to avoid.

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Mistake 1: Choosing a plan based solely on cost.

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Yes, you may be tempted to go for the lowest health insurance premium you can find for the lowest cost plan, but you need to check your deductible.

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Mistake 2: Ignoring high deductible plans.

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Adria Gross, founder of MedWise Insurance Advocacy in Monroe, New York, says there are some situations where a high-deductible plan (HDHP) might make sense.

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Mistake 2: Ignoring high deductible plans.

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Adria Gross, founder of MedWise Insurance Advocacy in Monroe, New York, says there are some situations where a high-deductible plan (HDHP) might make sense.

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Mistake 3: Not buying enough coverage.

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Without an approximate figure for your annual health care costs, you can't choose the most cost-effective coverage, says Gross.

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Mistake 4: The same policy automatically renews year after year.

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Mistake 5: Not checking with your doctor to see if your medications are still covered.

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Mistake 6: Not reading the small print

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If you spend winters in Florida and summers in colder northern climates, your health care plan may not automatically apply to both areas, Gross says.

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Mistake 7: Thinking You Don't Need Health Insurance

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The bottom line? You're better off enrolling in health insurance, no matter your age or health status.