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Step 1
Deductable. The Deductable is one of the most important things to consider when comparing health insurance plans. The deductible is the annual amount that the health care provider will require you to pay for services before they begin to fund your claims. If you believe you are going to have high medical bills, it will be beneficial to get a low deductable, however if you never go to the doctor and are not planning on it, you may want to purchase "fire insurance" which has a high deductable. Just remember that if an accident happens, you will be liable for that deductable amount before any services will be paid by the insurance company.
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Step 2
Coinsurance is a term used for a portion of the medical bill which the insurance company is going to require you to pay. This still applies even after the deductable has been met. As an example, the insurance company may change a 45% coinsurance on outpatient services. That means that they are only willing to pay 55% of that themselves and you are responsible for the rest.
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Step 3
When you compare health insurance plans, make sure you look at the office visit costs. Often they vary depending on if you are seeing your primary care physician versus a specialist.
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Step 4
Prescriptions are important to the health insurance plans comparison. Some plans will only cover generic drugs. Some will cover both, but will cover a higher percentage of generics than name brands. If you are on medication currently, make sure that it is offered in generic form and that your doctor is willing to offer the generic before choosing a plan that does not cover name brand drugs.
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Step 5
Out of pocket limits are set on some policies as an absolute maximum per year or per lifetime that the insurance company will require you to pay. All copayments, deductibles and coinsurance payments should count toward this figure. Again, if you are young and healthy, it is unlikely that this is going to be an important element when you compare health insurance plans.
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Step 6
Healthcare savings accounts are becoming a common part of an insurance policy. These are accounts that you pay into in order to store up funds for deductibles and coinsurance payments or uncovered items. If you have need for this, ask about penalties and benefits for paying into these types of accounts so you can take these into account in your health care comparison.
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Step 7
If you have a pre-existing condition, then find out what coverage is offered as part of your health insurance plans comparison. Many times, the company will not cover any part of a condition which was diagnosed prior to the coverage start date.
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Step 8
Here are some other things to consider when you compare health insurance plans.
• Out of Network Coverage - Coverage for doctors or services which do not have a specific coverage agreement with the insurance company.
• Out of Country Coverage - This is usually only included for emergencies which happen outside the country of at all.
• Hospital Services - These are services rendered by hospital staff and typically fall under a different agreement than the standard coverage.
• Maternity Coverage - This can include any prenatal visits to specialists as well as the hospital services.
• Outpatient Services - X-ray and lab services or even outpatient surgery can be included in this section depending on the health insurance company.
Comments
CStevenTucker said
on 12/31/2008 gent. In closing, I hope I have given you enough information so you can become an INFORMED insurance consumer. However, I remain convinced that the following words of wisdom still go along way: "If it sounds too good to be true, it probably is!" and "If you only buy on price, you get what you pay for!"
CStevenTucker said
on 12/31/2008 gent. In closing, I hope I have given you enough information so you can become an INFORMED insurance consumer. However, I remain convinced that the following words of wisdom still go along way: "If it sounds too good to be true, it probably is!" and "If you only buy on price, you get what you pay for!"
CStevenTucker said
on 12/31/2008 purchases and to use a knowledgeable, ethical and reputable independent agent or broker for one of the most important purchases you will ever make....your health insurance policy. Lastly, if you have any concerns about an insurance company, contact your state's Department of Insurance BEFORE you buy your policy. Your state's Department of Insurance can tell you if the insurance company is registered in your state and can also tell you if there have been any complaints against that company that have been filed by policy holders. If you suspect that your agent is trying to sell you a fraudulent insurance policy, (e.g. you have to become a member of a union to qualify for coverage) or isn't being honest with you, your state's Department of Insurance can also check to see if your agent is licensed and whether or not there has ever been any disciplinary action previously taken against that ag
CStevenTucker said
on 12/31/2008 or insurance "broker" can usually offer you a variety of different insurance products from many quality carriers and can often customize a plan to meet your specific insurance needs and budget.
Over the years, I have developed strong, trusting relationships with my clients because of my insurance expertise and the level of personal service that I provide. This is one of the primary reasons that I do not recommend buying health insurance on the Internet. In my opinion, there are too many variables that Internet insurance buyers do not often take into consideration. I am a firm believer that a health insurance purchase requires the level of expertise and personal attention that only an insurance professional can provide. And, since it does not cost a penny more to purchase your health insurance through an agent or broker, my advice would be to use Ebay and Amazon for your less important
CStevenTucker said
on 12/31/2008 ask for further clarification. Furthermore, take the time to perform your own due diligence. For example, if you research MEGA Life and Health or the Midwest National Life insurance company, endorsed by the National Association for the Self Employed (NASE), you will find that there have been multiple class action lawsuits brought against these companies since 1995. So ask yourself, "Is this a company that I would trust to pay my health insurance claims?
Additionally, find out if your agent is a "captive" agent or an insurance "broker." "Captive" agents can only offer ONE insurance company's products." Independent" agents or insurance "brokers" can offer you a variety of different insurance plans from many different insurance companies. A "captive" agent may recommend a health plan that doesn't exactly meet your needs because that is the only plan s/he can sell. An "independent" agent