How to compare Insurance Providers?
One of the main reasons that finding the best health insurance plan is important, is due to the fact you need to make sure your family is taken care of. Whether it’s due to an illness, tragedy or a slip and fall type of accident- you need the comfort that comes from the peace of mind, that knowing all your medical bills are covered.
The good news is that there are many different ways in which you can provide your family with a credible insurance policy. If you are not familiar with how insurance works, understand that insurance policies help cover the costs of unforeseen expenses. These could be expenses such as co-pays for prescription medications, doctor office visits, or emergency surgeries.
Work with a independent insurance agency to compare rate quotes.
There lots of different insurance companies, so naturally there will be many different types of insurance plans, and different types of insurance agents you may choose to work with. You may ask yourself if there is a difference between an independent insurance agent, and a regular ol’ insurance agent.
The difference essentially when it comes to insurance agents who sell individual and family health insurance products, is that they are usually either independent or captive. A captive agent usually is contractually obligated to only recommend one insurance company.
An example of this situation, might be if you go to a local State Farm/AllState/Nationwide auto insurance agent for help with your medical insurance options. Those brokers are experts in automobile coverage not health benefits, so they usually only offer coverage from a standby or go to carrier, such as Assurant Health.
Now, an independent broker normally is contracted with multiple health carriers. So they can offer you options from the most competitive carriers in your area. With that being said, you should speak with a couple different independent brokers, and compare rates from multiple insurance companies before making a final decision on any one health insurance carrier.
Some important factors to consider when comparing health insurance rates online
Here is what we think are the top 5 most important factors, a consumer should take in to consideration when comparing insurance rates from health carriers.
- Take into consideration your health history. If you take any medication whatsoever, or have had any medical treatments over the last two years, you will probably want to consult with a local agent, so they can let you know how each insurance company works with pre-existing conditions.
- Provider Networks. If you have a favorite physician that you know you won’t want to give up if you switch to a new plan, you probably want to make sure that provider is in the new plans network.
- High Deductible or Co-pay plan. Look into whether you just want a plan only kick again for the ” big stuff” or if you would like it plan that kicks in for doctor visits and prescription medications.
- Total maximum out-of-pocket. A lot of consumers are well aware of deductibles and co-payments, however some were unsure of how coinsurance works. Take a hard look at the total number you would have to come out of pocket before being covered at 100%.
- Monthly Premium. Certainly ensure that your health insurance rate is affordable every month. Health Insurance is one of those things that we feel we should not have to pay for, so make sure you are not overpaying for your medical insurance policy.
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