Things You'll Need:
- Health Insurance Broker
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Step 1
The first thing you need to do is really understand the medical health insurance plan you currently have, determine if it meets all your needs medically, and decide if it is a plan you can live with financially.
All insurance providers offer written details of what the plan offers. Read this carefully and if you don't understand, call them and ask questions. You have a right to know what your coverage is and what you will be financially responsible for.
Make a list of all the doctors you see on a regular basis. Make a list of all the medications you take on a regular basis.
Based upon the average number of office visits per year, the cost of your medications and the cost of your medical insurance, you can determine the total cost of your current medical coverage. -
Step 2
If you are responsible for the payment of your private health insurance, don't just assume that whatever plan you are in is the only plan you can get.
You need to shop around!
It could mean hundreds or even thousands of dollars to you if you just accept an expensive plan or stay with a plan that does not meet your financial or health needs.
You may even be over-insured! -
Step 3
You should be aware that every type of insurance premium (medical, auto, homeowers, etc.) may be based in part upon your physical location which is frequently determined by your zip code.
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Step 4
Insurance, whether it is health, life, car or disability insurance is a huge financial investment and should be treated like one. The most valuable tool the average person can have in selecting an appropriate health insurance plan is a trained, professional insurance broker.
If you can provide the information detailed in step one to an experienced insurance broker he or she will be able to present you with several options and an easy to understand explanation of how the plan works. This will include understanding deductibles vs. co-pays, cost share or percentage, and donut holes that have nothing to do with donuts!
There are insurance brokers who specialize in different types of insurance and if you are a retiree with limited knowledge of Medicare and all its amazing parts, finding a trained professional who specializes in Medicare supplemental coverage is a wonderful thing! -
Step 5
Another huge advantage to using an insurance broker pertains to meeting underwriting guidelines. Most people have to go through this process for health and life insurance and using a live broker (as opposed to going direct or an online broker) familiar with all the different companies and plans can help save a tremendous amount of time an energy.
If someone is not in perfect health, using a live broker can help steer you away from the companies that will not accept you and often know how to work with medical insurance underwriters to help get you approved when you may not otherwise.
Live brokers are also the only people that can run your situation by an underwriter prior to applying. This not only saves time, but can keep you from having a DENIAL on your record. Many applications ask if you've ever been denied health and/or life insurance and companies share this information!
Comments
PBreech said
on 12/17/2009 great source of information.
franeah said
on 11/13/2009 THis was a well planed article with great detail! Thanks for sharing! 5* and a rec
Magentaslb said
on 11/2/2009 Really great info to have, thank you for sharing! 5*s and rec
schmammel said
on 10/30/2009 This was a great story with lots of detail. Thanks for the input!
deanneorear said
on 10/14/2009 Very well wriiten as their are so many details to the health insurance industry and every detail counts to stay healthy and save money. 5* recmnd