Some say this health care crisis is getting out of control. Finding the best value when it comes to health insurance there are 7 things to look for.
Pre-existing conditions - This is conditions that are diagnosed, past or present. Most insurance companies won’t cover pre-existing conditions for 6-12 months. This might surprise you. Ask yo0ur agent to SHOW (not tell) you what the pre-existing clause states in your policy.
The Sucker’s Bet - These are benefits you pay more in premium for, supposedly added value, so the insurance company can give it back to you later. Insurance companies are in business to provide benefits, at a profit. They are not giving anything away for free. So why give your money away “just incase” something happens. Good examples of this are Doctor Visits and Maternity Coverage.
Exclusions - Don’t ever assume that everything is covered. After your agent finishes telling you what is covered, ask him/her what is NOT covered.
The deductible - Be suspicious of insurance agents that recommend health insurance deductibles under $1,500.00. The money you save with higher deductibles will almost always exceed any potential additional out-of-pocket.
Co-insurance - Over whelming majority of policy holders have no clue the importance of the “stop-loss” (the amount you pay after your deductible). These people often wind up owning policies with extremely high co-insurance maximums. Your out-of-pocket could be unlimited. Read your policy.
Separate limits - Despite the lifetime max of the policy - many policies restrict the most the insurance company will pay for specific medically necessary services.
Lifetime Maximums - You should be covered for at least $2 Million. However, be careful with a serious illness or accident, you could exceed $2 Million. Also, look out for misleading $5 Million lifetime but cap out $500,000 - $1,000,000 per Injury or Sickness.
There are several ways to keep insurance premiums affordable while making sure your family is protected. Currently there are tax savings benefits that could off-set your premiums making it more affordable for the family.