Finding the Right Health Insurance Coverage
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.
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.
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.
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.
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.