We don't think of it too often; as a matter of fact, unless we
are faced with a health crisis or need, we don't think about
health insurance at all! It is no wonder that many of us are
caught unawares when an emergency happens, and some of us
suddenly realize that the insurance coverage we had ten years
ago is woefully out of date for our current needs.
The first step in selecting a financially strong insurer is to
shop around. Talk to several representatives or insurance
producers from a number of different companies. Tell them what
your insurance needs are and ask them what their company will
charge to cover you.
While purchasing insurance can be a daunting task in itself,
please remember that any plan is only as good as the company
that underwrites and stands behind it. To this end, here are ten
things to consider before choosing your next insurance company:
Full Disclosure
When purchasing an individual health insurance policy, the
underwriter will look at your medical history. Prior to
comparing rates, be sure to write down all pertinent
information, so you will be able to compare apples to apples.
Additionally, it will give you a feel for what kind of
information raises red flags for insurance companies. If you
suddenly deal with a company that does not bat an eyelash at
your skydiving accident that happened just last month, you will
need to ask a few more questions to make sure the rates don't
suddenly change after you sign on.
Pre-Existing Conditions
Most companies will not insure pre-existing conditions; others
will do so after a sometimes lengthy waiting period. Still
others are legally mandated to carry "guaranteed issue"
policies. Prior to signing on with a company, get a detailed
list of what is considered a pre-existing condition, the
exclusionary period, and also what kind of coverage will be
provided one the exclusion ends.
Interview An Agent
A licensed, independent insurance agent is a goldmine of
information and industry gossip. Furthermore, the agent will be
able to share feedback received from other clients about a given
health insurance company, insurance products, and even customer
service.
Have It Your Way!
Since you will have to live with the health plan of your
choosing, it is imperative that it will work for and with you.
Therefore, you should think through your wants and needs when it
comes to coverage. For example, how important is it to you to
pick your own doctors? If it does not really matter to do, then
an HMO may be a cost-saving choice. On the other hand, if you
have a favorite doctor and wish to continue consulting this
physician rather than picking someone else, you may wish to
consider the pricier PPO.
Add-Ons
Some companies will bundle their products with other coverages,
such as short- and long-term disability, prescription drug
coverage, dental and vision coverage. If these are important to
you, you should make sure the insurance company you wish to do
business with will offer them.
What Does The Future Hold?
When picking an insurance company it is imperative that its
products and coverages can grow with you and your changing
needs. Thus, a company that specializes in catastrophic coverage
only will be of little use once you have children in the house.
Out Of Pocket Expenses?
Take the time to look at the fine print. For example, how much
are the co-pays? Is there an annual cap on the co-pays? Do these
caps pertain to a calendar year or any 365-day period? In
addition to co-pays, what is the percentage of coverage?
Rating
Check out the insurance company's rating with the Better
Business Bureau. A company that has too many unanswered
complaints does not need your business!
Accessibility
An insurance company should be easy to get a hold of, should
have extended office hours, and naturally also a toll-free
number. Give the company a call and get a feel for average hold
times, times of operation, and also services offered via
telephone.
Rate Increases
Talk to friends and neighbors who are insured with the company
you are choosing, or if you are working with an agent, seek to
find out how often the insurance companies has raised its rates
in the last two years. This will be a fair measure of the
possible rate changes that will await you once you sign on!
About the author:
Original Source:
Articles
Galore.com
Information supplied and written by Lee Asher of The Home Income Portal
Serious Online Business Options.
