With high unemployment and many companies dropping health coverage due to high costs many people are looking at Individual Health Plans. Follow these tips when shopping and you will make the process easier as well as saving yourself a few dollars.
1) How much can you afford? Set a budget amount that you can comfortable afford on a monthly basis. Keep in mind your premiums will usually be more than you were paying at work as your employer was most likely subsidizing your premiums.
2) Work with a licensed insurance professional. Internet or telephone agencies are a great way to get rates and compare benefits but BUY from a local independent agent. Independent agents work with most carriers and can help you with the application process and will also be there to assist when you have a billing or claims issue.
3) Consider your providers. Do you want to go to the local community hospital or do you want to go to the major hospital downtown? Do you have a particular doctor you want to keep? Many carriers offer discounted networks that will lower the cost of your plan but will limit your provider choices. Tell you insurance agent of any provider that you want to be able to visit.
4) How much would you pay in an emergency? Is the emergency room covered and which ones. Is the one down the street from you covered? And don't forget the Urgent Care facility. Today many Urgent Care centers are open late and on weekend and can do routine lab work and x-ray at a fraction of the cost of the ER. What would be your cost if you wound up in the Urgent Care office?
5) Don't forget prescriptions. Many plans lower the cost of the premium by including generic medications only and excluding brand name drugs. For many this is worth the savings, however remember you may need a brand name drug in the future and often the price can be expensive. Cancer drugs and other new drugs can exceed a hundred dollars per month. Take the risk if you are buying a plan to bridge you to an employer plan at your next job, but if you are self employed and planning to keep the coverage for the long term, opt for the brand name coverage.
Follow these tips and you will find the complex world of Individual Health Insurance a lot easier to understand. And if you have any questions, contact your independent insurance professional.
1) How much can you afford? Set a budget amount that you can comfortable afford on a monthly basis. Keep in mind your premiums will usually be more than you were paying at work as your employer was most likely subsidizing your premiums.
2) Work with a licensed insurance professional. Internet or telephone agencies are a great way to get rates and compare benefits but BUY from a local independent agent. Independent agents work with most carriers and can help you with the application process and will also be there to assist when you have a billing or claims issue.
3) Consider your providers. Do you want to go to the local community hospital or do you want to go to the major hospital downtown? Do you have a particular doctor you want to keep? Many carriers offer discounted networks that will lower the cost of your plan but will limit your provider choices. Tell you insurance agent of any provider that you want to be able to visit.
4) How much would you pay in an emergency? Is the emergency room covered and which ones. Is the one down the street from you covered? And don't forget the Urgent Care facility. Today many Urgent Care centers are open late and on weekend and can do routine lab work and x-ray at a fraction of the cost of the ER. What would be your cost if you wound up in the Urgent Care office?
5) Don't forget prescriptions. Many plans lower the cost of the premium by including generic medications only and excluding brand name drugs. For many this is worth the savings, however remember you may need a brand name drug in the future and often the price can be expensive. Cancer drugs and other new drugs can exceed a hundred dollars per month. Take the risk if you are buying a plan to bridge you to an employer plan at your next job, but if you are self employed and planning to keep the coverage for the long term, opt for the brand name coverage.
Follow these tips and you will find the complex world of Individual Health Insurance a lot easier to understand. And if you have any questions, contact your independent insurance professional.
