Health Insurance 101 for Individuals and Families

The changing healthcare and health insurance landscape in the United States has resulted in more individuals and families purchasing health insurance coverage on their own. Rather than touch on the number of reasons why this is the case, I would like to provide individuals and families finding themselves in this position with ten basic ideas to assist them with getting the best health insurance policy for their specific situation. Below is a combination of ten questions and suggestions that will provide the tools necessary to get a medical insurance policy that will best work for you and your family.

1)What are your typical health and medical care expenses in a calendar year? Most people are surprised when they go through this exercise to learn that they would be financially better off in most years to purchase a high deductible health insurance plan and use the premium savings to directly offset heath care expenses throughout the year.

2)How long do you anticipate needing the health insurance coverage? For example, many companies sell temporary policies that can be put in force for 1-6 months and they are relatively inexpensive. If you are in between jobs or in a waiting period for employer coverage, this may be your best option.

3)What is your budget? If your budget is tight, having a $1000, $2500 or even $5000 deductible is better than having no coverage at all. The ability of doctors and hospitals to save and prolong life in the United States is in many cases extraordinary. However, their treatment is not free and going without health insurance coverage can in some cases result in you and/or your family losing an entire life's worth of savings and assets.

4)Be careful to choose a plan that covers the "big stuff". It is nice to have a policy that covers items such as: physician office visits, routine physicals, outpatient testing, and blood work. However, it is essential to have coverage for major services such as cancer treatment, transplants, critical illness, traumatic accidents, and infectious diseases. Find out the lifetime maximum amount as well as if the policy contains "internal" dollar limits.

5)Always carefully read and understand the pre-existing condition clause and policy exclusions so that you will not be surprised down the road if a claim is denied. This is important whether you are purchasing a standard medical, temporary, or student health insurance policy.

6)Does the insurance company you are considering have a substantial network of preferred doctors and hospitals in your area? In addition to family doctors, what type of access will you have to specialists and the best hospitals in the event you or a family member is diagnosed with an illness that requires specialized care? Also, what are your options for preferred health care providers when traveling?

7)If you need to go "out of network", will you still have coverage? Most insurance policies will have coverage in the event you need to go outside of their network for care. However, review how these out of network claims will be paid. Will there be an additional deductible? How are reimbursement levels determined for out of network claims? What is your maximum out of pocket for out of network claims?

8)Are you looking for an opportunity to reduce your taxable income? If so, make sure your plan qualifies as a high deductible health plan and look into all of the aspects of a Health Savings Account. In the right situation, HSAs can be an excellent way to pay for eligible health care expenses, reduce your taxable income and save for retirement.

9)What are the financial ratings of the insurance company you are considering? A.M. Best, Standard & Poor's, and Moody's are organizations that rate the financial stability of insurance companies.

10)What type of customer service will you get from your insurance agent? Do they specialize in health insurance? Do they have a staff that is willing and able to assist you in the event you have a claim, billing, or other customer service problem?

If you do not have the time or patience to look into all of the items mentioned above, develop a relationship with an independent insurance agent that specializes in evaluating and servicing health insurance policies. A good independent insurance agent will be able to save you time, money, and be an excellent resource for evaluating all of the items mentioned above.

Michael Ertel is the founder of http://www.MedicalInsuranceNow.com . This is a website that assists individuals and small business owners by providing side by side comparisons of health insurance alternatives. He can be reached at MErtel@medicalinsurancenow.com .

---

Insurance for Those Who Run Bed and Breakfast Properties

A Bed and Breakfast, often referred to as a B&B,... Read More

Insurance Adjusters How They Work And How They Think

Here comes the insurance adjuster. Is he overly friendly? If... Read More

Inexpensive Life Insurance To Protect What You?ve Earned

Adequate life insurance to cover your income producing ability is... Read More

What is Life Insurance?

Life Insurance is an insurance policy that provides an agreed... Read More

Who Sets Auto Insurance Rates?

Auto Insurance rates are a complicated business. Have you ever... Read More

Finding California Truck Insurance

It's very easy to find California truck insurance on the... Read More

Are You Overpaying On Your Home Insurance Policy?

For many consumers the cost of daily living is becoming... Read More

Home Insurance Rates in Northern Ireland

A recent survey took the most popular type of home... Read More

Are Accidents More Likely To Occur Closer To Home?

If you are going to be involved in an accident,... Read More

What Price For Your Health?

How do you put a value good health? For many... Read More

A Guide to Insuring Your Sailing Dinghy

If you've just bought a dinghy or are thinking about... Read More

Poor call centre performances driving motorists online for insurance

In their efforts to cut costs more and more finance... Read More

Life Insurance, the Universe, and Everything

You may have noticed that life insurance is coming back... Read More

Vehicle Insurance Online is a Convenient Way to Get Insurance Cheap

Online comparison shopping is a convenient way to get cheap... Read More

Do You Pay Too Much For Your Car Insurance?

Do the premiums just seem to get higher and higher... Read More

Medical Bills - Evaluating Your Personal Injury Insurance Claim

The value of a personal injury claim has a direct... Read More

The Many Benefits of Travel Protection Plans

Many people purchase insurance thinking I want full coverage and... Read More

Ever Wondered What An Auto Insurance Claim Adjuster Does?

An auto insurance claim adjuster works for the insurance company... Read More

Auto Insurance Information Online - Compulsory Auto Insurance

In 47 of the 50 United States, it is illegal... Read More

Homeowners Insurance at a Glance

At first glance, homeowners insurance may seem perplexing and quite... Read More

Medical Insurance - Health Insurance Coverage & Plans Explained

If you're trying to decide between health insurance plans, you'll... Read More

Everyone Wants The Cheapest Automobile Insurance Quote

When you are looking for an automobile insurance quote, the... Read More

Insure Your House

When we talk about insurance the thing you have to... Read More

How to Reduce Car Insurance Premiums

Here are some useful tips on how to reduce car... Read More

Term Or Whole Life Insurance - Which Is Right For You?

One of the most important things you will ever do... Read More