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Health Insurance Tips

Navigating the world of health insurance can be complex, but finding the right policy doesn't have to be. In this guide, you will get six valuable tips on finding the right health insurance for yourself and your family.

1. Know the laws in your location. Whether or not you can get individual insurance, and how much you will end up paying, depends in most part on your locality's regulations. Some places permit medical underwriting, where providers can deny coverage to people with illnesses, deny coverage for specific conditions, and charge much higher rates to people with pre-existing conditions. Other areas do not permit medical underwriting, so check the laws in your area before you begin applying for an individual insurance policy.
2. Be selective about leaving an insurance plan. Even in places where underwriting is allowed, the HIPAA act offers some measure of protection if you are moving from an employer-sponsored plan to an individual one. To use your HIPAA rights, you have to first use up all job-related insurance, even COBRA, which allows you to keep your plan for up to a year and a half by paying its full cost. Then, you must apply for individual insurance within sixty-three days of the end of your old coverage.
3. Take some time to research the insurance market. There are a multitude of sources of information on health policies available in your area, and getting a quote online allows you to compare different plans, prices and benefit levels side by side. However, the quoted price is for someone who can pass medical underwriting; in most areas, anyone with a medical condition will either be denied or charged a much higher rate. If all else fails, contact the companies directly.
4. Ensure that any insurance policy you buy covers what's medically necessary for various health problems, up to and including behavioral health services. This includes inpatient/outpatient treatments, doctor visits, hospital care, prescription drugs, rehab, preventive care, prenatal care, and various screenings.
5. Don't stop at the premium when determining the cost of a health insurance plan. The real cost of a policy includes the premium, the deductible, and copayments for prescription drugs and doctor visits. Before you sign for a policy, make sure that you know which payments are applied to the deductible, and which go toward the out-of-pocket limit. It's also a good idea to find out whether your policy has a lifetime cap on benefits. An unlimited policy is ideal, but a good minimum to shoot for is two million dollars.
6. Don't give up. You may be able to get insurance from a company that insures people who cannot pass a medical underwriting, although your insurance agent or broker won't tell you that. There are thirty four states that have "high risk pools" for just these situations, and other states designate an insurer of last resort for hard-to-insure people.