Tips For Health Insurance Shopping
We all take something for granted. Clean water, the love of a faithfull pet…even health insurance. For most of us, insurance has generally been available through our employers, so we don’t typically give it a second thought.
But with rising health care costs and a changing economy, some employers have had to drop insurance coverage, leaving employees to look for new or additional protection.
If you do end up looking for health insurance, the task can seem daunting. The phone book and Internet are flooded with insurance agents and companies that offer various types of policies–unless you know where to look and what to look for.
STEP ONE:
Evaluate Your Needs
The same principle applies when shopping for health coverage as when shopping for groceries–purchase the items you really need and save money by eliminating the ones you don’t. Compare plans based on your age, current health conditions and family medical history to help ensure you get the benefits you need without spending a lot.
Do you need coverage for hospital stays or doctor’s office visits? Today, many surgeries are done on an outpatient basis, so it may be wise to consider a plan that covers both outpatient and inpatient procedures.
It’s also important to think about your coverage for catastrophic events. Can you afford to pay the higher expenses a catastrophic illness or injury may bring or are you more worried about the day-to-day medical services?
STEP TWO:
Know the Total Cost of Coverage
Check to see if you can get discounts on your premiums, perhaps by paying them once a year, paying online or having the premiums deducted straight from your bank account.
Co-pays and deductibles can also be part of a health insurance plan, so make sure to figure those expenses into the total cost of your insurance. Or, find a plan that has no co-pays or deductibles (like a limited-benefit plan).
STEP THREE:
Research the Company
Consider the company itself. Are there local representatives or ones available by phone who can help if you have questions? Having a person in your area who can provide answers is always a bonus.
Additionally, research insurance companies based on financial strength and claim payment history. Independent rating agencies and your state’s insurance department can be good resources.
Good health insurance is a must-have in today’s world of high-priced medical procedures, so take the time to fina plan that can be tailored to meet YOUR needs.