Image via WikipediaChoosing a proper Health Insurance Policy to buy may be a confusing task, but before that you should consider the five most important points as given below so that your agent will find that you are a Savvy Buyer! These items are your KEYS to picking a policy that’s right for you:
First-Rating of your chosen Insurance Company:
Ask your agent for the Company’s A.M. Best rating. If the company is highly rated at the national rating registry, then the company will have literature showing their rating history with clear understanding of all terms. Choose only companies that have an A or A+ rating.
Second-Insurance Company’s Record of any Complaint at your State Board of Insurance:
All most all large companies might have some sort of unresolved complaints. Just avoid companies that have a high number of unresolved complaints. Ask your agent for the phone numbers of your State Board of Insurance. If he fail to give it to you, take this as a warning signal! You can also look up the numbers in any directory of your state’s agencies. No matter what your agent says, CALL your State Board of Insurance and ask them for the record on any company you are considering.
Third-Limits Shown On Your Health Insurance Quote:
Check your quote to see if you are comfortable with the benefit levels. You can usually change several levels to fit your needs and budget. For example, a higher deductible will cost less each month. Also, many plans give you a choice to split your medical bills with the Insurance Company either 50/50 or 80/20 (with them paying 50% or 80%). Then they will have an amount (exceeding your deductibles) where they will take over at paying you 100% of your covered bills for the remainder of the year. These deductibles and other levels start over every year in most plans. Some plans, though, have a “per cause” deductible. Such a deductible means that you will be responsible for bills up to that deductible for each accident or illness. Make sure you are aware of this distinction, so you can choose a plan that’s right for YOU!
Please watch out for the remaining issue tomorrow:
