| The changing healthcare and health insurance | | | | pre-existing condition clause and policy exclusions so |
| landscape in the United States has resulted in more | | | | that you will not be surprised down the road if a claim |
| individuals and families purchasing health insurance | | | | is denied. This is important whether you are purchasing |
| coverage on their own. Rather than touch on the | | | | a standard medical, temporary, or student health |
| number of reasons why this is the case, I would like to | | | | insurance policy. |
| provide individuals and families finding themselves in this | | | | 6. Does the insurance company you are considering |
| position with ten basic ideas to assist them with getting | | | | have a substantial network of preferred doctors and |
| the best health insurance policy for their specific | | | | hospitals in your area? In addition to family doctors, |
| situation. Below is a combination of ten questions and | | | | what type of access will you have to specialists and |
| suggestions that will provide the tools necessary to get | | | | the best hospitals in the event you or a family member |
| a medical insurance policy that will best work for you | | | | is diagnosed with an illness that requires specialized |
| and your family. | | | | care? Also, what are your options for preferred health |
| 1. What are your typical health and medical care | | | | care providers when traveling? |
| expenses in a calendar year? Most people are | | | | 7. If you need to go "out of network", will you still have |
| surprised when they go through this exercise to learn | | | | coverage? Most insurance policies will have coverage |
| that they would be financially better off in most years | | | | in the event you need to go outside of their network |
| to purchase a high deductible health insurance plan and | | | | for care. However, review how these out of network |
| use the premium savings to directly offset heath care | | | | claims will be paid. Will there be an additional |
| expenses throughout the year. | | | | deductible? How are reimbursement levels determined |
| 2. How long do you anticipate needing the health | | | | for out of network claims? What is your maximum out |
| insurance coverage? For example, many companies | | | | of pocket for out of network claims? |
| sell temporary policies that can be put in force for 1-6 | | | | 8. Are you looking for an opportunity to reduce your |
| months and they are relatively inexpensive. If you are | | | | taxable income? If so, make sure your plan qualifies as |
| in between jobs or in a waiting period for employer | | | | a high deductible health plan and look into all of the |
| coverage, this may be your best option. | | | | aspects of a Health Savings Account. In the right |
| 3. What is your budget? If your budget is tight, having a | | | | situation, HSAs can be an excellent way to pay for |
| $1000, $2500 or even $5000 deductible is better than | | | | eligible health care expenses, reduce your taxable |
| having no coverage at all. The ability of doctors and | | | | income and save for retirement. |
| hospitals to save and prolong life in the United States is | | | | 9. What are the financial ratings of the insurance |
| in many cases extraordinary. However, their treatment | | | | company you are considering? A.M. Best, Standard & |
| is not free and going without health insurance | | | | Poor's, and Moody's are organizations that rate the |
| coverage can in some cases result in you and/or your | | | | financial stability of insurance companies. |
| family losing an entire life's worth of savings and | | | | 10. What type of customer service will you get from |
| assets. | | | | your insurance agent? Do they specialize in health |
| 4. Be careful to choose a plan that covers the "big | | | | insurance? Do they have a staff that is willing and able |
| stuff". It is nice to have a policy that covers items such | | | | to assist you in the event you have a claim, billing, or |
| as: physician office visits, routine physicals, outpatient | | | | other customer service problem? |
| testing, and blood work. However, it is essential to | | | | If you do not have the time or patience to look into all |
| have coverage for major services such as cancer | | | | of the items mentioned above, develop a relationship |
| treatment, transplants, critical illness, traumatic | | | | with an independent insurance agent that specializes in |
| accidents, and infectious diseases. Find out the lifetime | | | | evaluating and servicing health insurance policies. A |
| maximum amount as well as if the policy contains | | | | good independent insurance agent will be able to save |
| "internal" dollar limits. | | | | you time, money, and be an excellent resource for |
| 5. Always carefully read and understand the | | | | evaluating all of the items mentioned above. |