Choosing A Medical Insurance Plan
A medical insurance plan is an important and essential part of everyday life. It protects against huge medical expenses due to accident or illness. You submit claims to the insurance company for these expenses, and some of the money is reimbursed to you or to the doctors you specify. The medical insurance plan is therefore a protector of finances as well as health. Be aware of these things when shopping for a medical insurance plan.
Find out what the insurance company's rating is. A national insurance company registry called A.M. Best contains this information. Only buy your medical insurance plan from companies that are rated A or A+. You should also investigate the company's record at the board of insurance for your state. Most companies will have some complaints, simply because they deal with the public. Check for high numbers of unresolved complaints, and how long these complaints have been filed. Regardless of your agent's advice, you have the right to call the state for this information before buying a medical insurance plan.
Examine the quote for your medical insurance plan carefully. Know how much you can spend each month, and see if that matches the quoted monthly premium. If it is too high, you can increase the deductible to lower the price. Some medical insurance plans allow you to split your health care costs with the insurance company. For example, an 80/20 plan requires the insurer to pay 80% of the costs while you pay only 20%. These parameters can be adjusted to give you the monthly premium you can afford.
Many people immediately check the benefits on the quote for their medical insurance plan. That is wise to do, but is also smart to examine the limitations and exclusions. If you routinely utilize a medical therapy that is not covered (e.g., chiropractic or similar therapy), consider another plan. The length of your hospital stays may be limited, and the maximum amount of coverage paid during a year might have a cap. It is important to know what your medical insurance plan can't do as well as what it can do.
Make the check for your medical insurance plan payable to the insurance company, not to the agent. If you mail it, call in several days to ensure it was received. When your medical insurance plan arrives, check it carefully to see if it is the same as you ordered. Examine all documents for exclusions or amendments that did not appear on your quote. If you see such items, discuss them with your agent.
Everyone is urged to have some kind of medical insurance plan. It can help both you and your bank account recover after almost any kind of illness.
Copyright 2007 Jim Sterling - All Rights Reserved
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