Researching and purchasing individual and family health insurance can be a confusing and time-consuming project. This ebook provides several questions to ask yourself and issues to consider prior to beginning your health insurance research. Everyone�s objective should be to procure the best possible health insurance coverage for the lowest monthly premium. Hopefully, these tips will assist you in achieving that objective.
As health insurance costs skyrocket, many carriers are paying stricter attention to pre-existing medical conditions and medications prescribed for these conditions. Current prescriptions may be more costly than the amount of the monthly premium, thus leading to a carrier declining issuance of coverage. Insider tip: wait at least six months after completion of treatment for a temporary declinable condition before applying for coverage. Ask your insurance consultant about any conditions that may affect your ability to receive health coverage. Being honest and forthright will save time and money in the long run! Also inquire about state guaranteed coverage and medical discount plans should you have a pre-existing declinable medical condition.
The belief that health insurance is unaffordable is largely a myth. Health coverage is an important facet of every individual and family�s existence and should be budgeted as such. Set up a budgetary amount per month that is affordable within your household expense structure. Then discuss with your insurance consultant the amount that you have budgeted to spend for health insurance. Insider tip: those on tight budgets can purchase low-cost major medical coverage and self-insure for physician visits and prescription coverage or supplement major medical coverage with a medical discount plan. Be sure to discuss various cost saving options with your insurance consultant.
Purchasing health insurance is all about assuming risk! The more risk that one is willing to assume, the lower the premium cost. Everyone should attempt to obtain catastrophic and major medical coverage, however deductibles and co-insurance may be adjusted to control premium costs. Insider tip: Compare major medical deductibles with copay percentages. A 60/40 copay plan in which the carrier picks up 60% of the cost with no deductible may be less expensive than a 70/30 copay plan with a high major medical deductible. Also, some plans include physician visits under the major medical deductible in order to lower monthly premiums.
PPO (preferred provider) plans offer considerably better benefits for �in-network� physicians. If continuing with a current physician is important, be sure to have your insurance consultant check to make sure that your physician is a preferred network provider on all insurance plans quoted. Also, be aware that HMO networks are far more restrictive and limited as far as individuals choosing their physician.
insurance! Unfortunately, many people purchase policies without fully understanding what is actually covered and to what extent under their policy. Make sure that you understand coverage limitations, what co-insurance means, deductibles and individual and family maximums, and maximum out-of-pocket expense. Your insurance consultant should review this information in-depth with you prior to your purchasing a policy. Insider tip: Be wary of agents from companies you are not familiar with who attempt to hard sell at the conclusion of the presentation. There are far too many occasions when clients find about a deficiency in a policy at the time they expect a claim to be paid that may not be actually covered.
Use short-term health coverage to bridge the gap while waiting for permanent health insurance. You decide on the length of coverage from a minimum of 30 days. Streamlined underwriting requirements provide immediate approval in the majority of cases. Insider tip: Consider a 30-day short-term policy to provide coverage during the underwriting/approval process if uninsured at time of application for permanent coverage. Underwriting can take up to 30 days, so this coverage provides a valuable safeguard.
There are several extremely economical dental plans available in today�s marketplace. HMO dental plans offer a more restrictive choice of providers but usually offer better benefits than PPO plans. Insider tip: Be sure and ask about orthodontic coverage if there are young children in your family. Plans that offer this coverage can wind up saving you thousands of dollars.
Glossary and Terms
Health insurance coverage is an integral necessity for every family! As a special bonus for those receiving this ebook, we offer a second no-charge, no-obligation ebook entitled �Top Ten Things to Look For When Buying Insurance Online.� You will receive this second ebook within a week of receiving our first offer. Good luck with your health insurance research!!!
John F. Pack represents all major California and Arizona health insurance carriers and works with individuals, the self-employed and small business groups to assist in finding them the best Health Insurance Coverage for the money. He also specializes in showing small businesses, including family and home based business, how to qualify for a group health plan.
See John F. Pack's Profile on Experts.com.
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