When it comes to health and well-being, you are often willing to go the extra mile. That means being ready to spend on the best food, nutrient supplements, exercise or sports regimens, medical treatments you can afford, and an individual insurance plan made for you. For some people, that also means spending on healthcare insurance and getting the most comprehensive plans available.
The operative word here, though, is spending. Some insurance companies charge significant premiums for their plans, and while the coverage seems to match the cost, sometimes people do get sold bogus insurance plans. Without guidance on what to watch out for, many people will buy the first thing that looks good to them. Keep your finances safe by asking a few questions about the insurance provider of the plan you want to purchase. Here are some tips:
1. Find an agent willing to help
When choosing an individual insurance plan, most people would find it convenient to let insurance agents handle their processing. Finding a good insurance plan sometimes falls upon getting a competent and trustworthy agent.
Agents should prioritize giving you the best information for your situation. Take it as a positive sign if an insurance agent inquires after your eligibility for Medicare, Medicaid, or other government programs and subsidies. Factoring these in makes no money for them, but it helps put the burden off of your monthly income and gives you the best options for your budget.
2. Learn about providers through varied sources
Do not confine your research on the individual insurance plan provider to online sources only. Check with your state regulators if the company is registered with them. If you have several providers in mind, consult agents from these and compare the plans they recommend. If you have not, you should also ask your friends or family for recommendations, especially if you are a first-time purchaser.
Consulting representatives of insurance marketplaces can also be a good way to start looking for a provider. Though marketplaces specialize in discrete insurance plans, they should be able to answer your questions about insurance policies.
3. Look beyond the monthly premium
The policy premium is often the most highlighted portion of an individual insurance plan and is what most people would look at. When comparing policies, do not just look at premiums, though. Check other fees, like out-of-pocket costs. Some plans have an out-of-pocket maximum, which means you need to track your own spending and strive to limit your yearly out-of-pocket expenses to it.
Though individual insurance plans may have promotional rates for monthly premiums, you might find out that you don’t qualify for one reason or another. For example, insurers can reject your application due to pre-existing health conditions.
4. Read the evidence of coverage
Your individual insurance plan may contain fine print regarding deductibles, benefit limits, and maximum payouts. Make sure you review the full plan explanation or the evidence of coverage. If you don’t understand the terms, consult a brokerage agent and have them explain these to you. Some details of insurance plans can be more binding than the main clauses.
For example, some policies exclude maternity coverage or only pay a set amount per day for a hospital stay. Some insurers would even refuse shouldering expenses for all conditions they deem as “unnecessary medical expenses.” That can happen for a wide range of chronic conditions and illnesses and is frequently cited by insurance providers.
Conclusion
Researching an individual insurance plan takes a bit more effort than what we are used to. The U.S. healthcare system is a complex bureaucracy, and going in with minimal information can be disastrous to both your health and pocket. Protect yourself by being as knowledgeable about your insurance provider as possible.
If you’re looking for insurance brokers in Las Vegas and Reno, get in touch with us today to see how we can help.
