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Comparison of Medical Insurance Prices and Benefits – Strategy 3

To get the best rates and benefits you should shop for medical insurance and compare prices and benefits. However, health insurance is particularly difficult to shop for. Health insurance isn’t standardized like car or house insurance.

This means that two very similar looking policies could provide very different benefits. It is important that you understand any health insurance policy that you purchase. Having the wrong health insurance can have a devastating impact on your finances.

Fortunately, health insurance policies will be more standardized after 2014. Also most policies are mandated to offer unlimited benefits after you have met your deductible or other cost shares.

These are important changes that are being brought about because of health care reform. The lack of standardization causes a lot of confusion and makes it too easy to purchase the wrong health insurance policy.

Unfortunately there is no easy way to help you avoid all of the pitfalls that come when comparing different insurance policies. I can make a few recommendations:

  • Buy only from an insurance company that is approved by your state’s insurance department.
  • Know what your responsibilities are regarding the major cost shares.
    • deductibles
    • copayments
    • coinsurance
  • Seek to fully understand any policy you may purchase.

You can get health insurance quotes to compare on this website. You will also see links to the policy documentation and the online directories of doctors and other providers.

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Alston

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