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