How to Find the Right Health Coverage
Finding the right health insurance policy can be confusing. Each insurance company offers different benefits with its insurance plans, and premiums can vary widely between companies. While you don't want to spend money for unnecessary coverage, you do want to purchase health insurance that will provide the coverage you need. Pre-existing medical conditions can affect your eligibility for individual health coverage, but group health insurance plans are required by law to accept you on the plan. The Affordable Care Act, passed in March 2010, provides additional insurance options for people with pre-existing conditions.
Other People Are Reading
Things You'll Need
- Plan descriptions for several health insurance plans
- Application for selected plan
- Premium payment to submit with application
Instructions
-
Finding the Right Health Insurance Coverage
-
1
Determine what services you absolutely must have covered by the insurance policy. If you take an expensive medication on a consistent basis, prescription drug coverage is more important than for someone who is not on any type of medication. If you have children, an office visit co-pay may be more important. It may help to write out a list of the services you would like to have coverage for. Remember that the more comprehensive the coverage is, the more expensive the premium will be.
-
2
Shop around for available plans and the specific benefits that each plan offers. You don't want to find out after the fact that a particular treatment isn't covered by your policy. Excluded treatments and therapies can be quite expensive, and you will be responsible for the bill.
-
-
3
If you are confused about the benefits a health insurance policy covers, ask a licensed health insurance agent for help. Use an independent agent who represents multiple companies and will offer you an unbiased opinion.
-
4
Evaluate the plans available in your area and compare the benefits offered against the premium cost. Insurance carriers vary in the premiums they charge for the services they cover. A similar benefit plan may be less expensive with one carrier, while a slightly higher premium with another carrier may offer a more comprehensive benefit plan.
If it seems like insurance coverage is too expensive, consider an option like a Health Savings Account. You will be responsible for the deductible before the insurance company pays for anything, but it will protect you from excessive medical bills if you have a serious accident, or are diagnosed with a critical illness. Because you are willing to bear the risk of a slightly larger deductible, the insurance company will charge a lower premium.
-
5
Fill out the application for the plan you select. Be aware that insurance companies carefully underwrite individual insurance coverage, and you must disclose any conditions you have or have sought treatment for in the past. Read the application carefully; some companies only want a five-year medical history, while others will want a 10-year medical history. Include payment for the first month's insurance premium with your application. The insurance company usually will not deposit your check or charge your credit card until your application is underwritten and you have agreed to accept the insurance company's offer for insurance coverage.
-
1
Tips & Warnings
If you find that health insurance coverage is too expensive because you are unemployed or underemployed, your state may offer a lower-cost option. Check with your state insurance department to see if you meet the eligibility requirements.
People with pre-existing medical conditions, such as diabetes or cancer, may find it difficult to obtain health insurance coverage. The Affordable Care Act made high-risk insurance pools available in each state for people with pre-existing medical conditions who don't have access to group health insurance coverage.
If it sounds too good to be true, it probably is. Insurance coverage that doesn't require any type of underwriting probably isn't what you think it is. Usually, these types of policies offer very limited coverage and can leave you vulnerable to large medical bills in the event of an accident or serious illness.
If you have gone without medical coverage for more than 63 days, the insurance company may require you to have a paramedical exam (at its expense) before it will underwrite your insurance policy and offer coverage. This exam will check your height, weight and vital signs, and will usually require blood and urine samples.
Fill out the application for insurance coverage completely and thoroughly. Insurance carriers will look up your medical history in the Medical Information Bureau to verify the accuracy and completeness of your application. Omitting a serious or chronic illness could result in the denial of your application.
References
- Photo Credit medical equipment image by blaine stiger from Fotolia.com
