When it comes to purchasing health insurance, most people
are not quite sure where to start. For those who are not
able to purchase health insurance through their employer,
going out on their own and finding a plan is a task that
seems overwhelming. But, it does not have to be. There
are actually a few rules that everyone can stick to when it
comes to purchasing a health insurance plan that can save
both time and money. Here are the top ten rules that
everyone should follow when it comes to purchasing health
insurance on their own:
1. Always check the Financial Rating of the health
insurance carrier. While there are many different
insurance companies out there to choose from, some are
better than others. A Financial Rating can tell consumers
which health insurance companies will be able to serve them
best, and those with an "A" rating or higher should be the
insurance companies that consumers choose to purchase from.
2. Check to see if the health insurance carrier is
committed to the health insurance market where you live.
For example, you should find out how long they have been
providing health insurance in your state, how large their
network is in your state, and find out what would happen if
they decide to stop writing insurance in your state so you
know what type of plan they have for their customers.
3. Check to see if your current family physician accepts
the new health insurance that you are considering.
Remember that any health insurance plan will actually
penalize you for using a doctor that is out-of-network, so
you want to make sure that the doctor you currently use is
in their network, or you are comfortable switching to
another physician.
4. Research all of the in, and out-of-network, benefits
that the health insurance company offers to customers.
This way, you will know exactly what is, and is not,
covered when you need to use those services.
5. Does the health insurance carrier limit the number of
visits that your co-payment will cover in a calendar year?
You will be surprised at the number of insurance companies
that actually limit how many times you can use your
co-payment benefit in a given calendar year. You should
always make sure that you check and are aware of any
limitations on your number of visits.
6. Make sure that you disclose all health information about
you and any family members that are applying for coverage
on the health insurance application. Any failure to
"disclose" health information can cause some serious
problems for you and family members down the road and the
insurance carrier can deny your claims.
7. Make sure that you read all the policy exclusions and
limitations before you purchase a health insurance policy.
If you are aware of what benefits are and are not covered,
then you will have a better grasp on out-of-pocket expenses.
8. Research the health insurance company's prescription
drug benefits before you purchase a plan with them. Find
out what the maximum benefit they offer is and what drugs
are covered, and at what rates. This way, you will already
know what your current medications will cost you.
9. If the health insurance plan seems too expensive, then
consider raising your deductible and your co-payments to
make your premiums more affordable. Most carriers will
offer great reductions for higher deductible plans and
offer consumers a better and more consistent rate on their
premiums.
10. Use an insurance agent. An agent is an expert helping
hand when shopping for insurance.
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Todd McLeod of McLeod Insurance Agency, an agency that has
been helping clients find the right North Carolina Health
Insurance for over 35 years and offers plans from Blue
Cross and Blue Shield North Carolina (R). For more
information please visit http://www.nchealthbenefits.com .
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