My private health insurance clients often come to me after having spent many years working for a company that provided their health insurance coverage. Often they have had little reason to give any thought to how their insurance would cover them or how much it would cost. A lot of companies only have one health insurance plan, so they just accepted the plan that was offered; there was no reason to waste a lot of time thinking about it.
Finding the Best Health Insurance Policy – How we can help
Most of our clients find us on the Internet. They will generally request instant online quotes before we speak with them. In fact, some or our clients never speak with us because we put so much information online. The prices, policy descriptions and even the applications are all on our website. Many of our clients find this website to be a tool that makes their health insurance decision-making much easier.
After reviewing their quotes online, most of our clients will either call us or email us to ask a few questions before making a decision. Since we work with all of the private insurance companies that cover individuals with healthcare insurance in the state, we can offer unbiased advice and help our clients make a decision that they will feel comfortable about.
Medical Insurance – A New Way to think about it
With a lot of the things we buy we find that the most expensive one is the best. Often that is not the case with medical insurance. More expensive plans are usually better than less expensive health insurance plans. However, the difference in benefits is often not enough to justify the higher costs to you. When we compare two similar plans where the deductible and the prices are the only things that are different, often the less expensive plan will be better.
If medical insurance Plan A has a $1,000 deductible and Plan B has a $2500 deductible, the difference between the deductibles is $1,500. If Plan B has an annualized premium of $1500 less than Plan A, Plan B is the plan you should pick.
Some of my clients have objections to this concept because they fear that any money they save will be absorbed into their lifestyle. They are concerned that they won’t have any money available if they have a major expense. For those clients, some sort of automatic savings plan may be advisable. If you purchase a High Deductible Health Plan that is compatible with a Health Savings Account (HSA), you may be able to have money moved from your checking account each month into your HSA. This way, unless you have a major expense right away, you will have money in your account to pay for all or most of the expenses not covered by insurance.
The important thing when comparing similar plans is to make sure that for every extra dollar you pay for better coverage, you get at least a dollars worth of value in return.
Medical Insurance Buying Tips
- Avoid purchasing from a bad insurance company
- Make sure the network lists of doctors and hospitals meets your needs
- Understand the limitations of the prescription drug benefits
- Don’t assume that doctors visits are covered. Some plans only cover hospital bills.