| Making a wise decision on which Health Insurance | | | | and never go into the hospital for it. You could |
| Policy to buy may seem like a confusing task, but | | | | rack up thousands of dollars in medical bills for the |
| if you consider just these five most important | | | | diagnostic and follow-up lab tests and MRIs, and |
| items you and your agent will both find that you | | | | then have surgery, chemo, or radiation therapy all |
| are a Savvy Buyer! These items are your KEYS | | | | on an outpatient basis. |
| to picking a policy that's right for you: | | | | Other items that may be limited are your hospital |
| 1. The Insurance Company's Rating | | | | room rate and intensive care. Your hospital room |
| Ask your agent for the Company's A.M. Best | | | | rate should be at least average semi-private and |
| rating. If the company is highly rated at this | | | | your intensive care benefit should NOT be tied to |
| national rating registry, then the company will | | | | your room rate, but should, instead, be covered |
| have literature showing their rating with an | | | | as whatever is an average ICU rate for the area |
| explanation of what it means. Choose only | | | | of the hospital, also. Some policies limit the ICU |
| companies that have an A or A+ rating. | | | | benefit to 3 times the regular room rate, when |
| 2. The Insurance Company's Record of | | | | ICU can cost you 10 or 20 times the room rate |
| Complaints at your State Board of Insurance | | | | each day. A short hospital stay with a limit like this |
| Every large company will have some complaints. | | | | in your policy can cost you literally thousands of |
| Avoid companies that have a high number of | | | | dollars. A long hospital stay with a limit like this in |
| unresolved complaints. Ask your agent for the | | | | your policy could drive you into bankruptcy. Even |
| phone number for your State Board of Insurance. | | | | if your policy says it takes over at 100% after |
| If he will not give it to you, this is a warning signal! | | | | $5,000 of covered medical bills, the important |
| You can also look up the number in any directory | | | | term here is "covered" medical bills. If the policy |
| of your state's agencies. No matter what your | | | | only pays three times the room rate for ICU, |
| agent says, CALL your State Board of Insurance | | | | then the rest of the ICU bill is considered an |
| and ask them for the record on any company | | | | "uncovered" charge! |
| you are considering. | | | | Look out for these types of limits! |
| 3. The Limits Shown On Your Health Insurance | | | | Also, be sure to check the Pre-Existing Conditions |
| Quote | | | | Limitation if you already have any medical |
| Check your quote to see if you are comfortable | | | | conditions, and ask your agent if the Company will |
| with the benefit levels. You can usually change | | | | be excluding your conditions permanently on your |
| several levels to fit your needs and budget. For | | | | policy. |
| example, a higher deductible will cost less each | | | | 5. Pay the Insurance Company, Not the Agent, & |
| month. Also, many plans give you a choice to split | | | | Follow Up! |
| your medical bills with the Insurance Company | | | | And lastly, make your check payable to the |
| either 50/50 or 80/20 (with them paying 80%). | | | | Insurance Company, and then follow up to make |
| Then they will have an amount (your stop loss) | | | | sure it was received. When you get your policy, |
| where they will take over at paying 100% of | | | | check the Schedule of Benefits to verify you got |
| your covered bills for the remainder of the year. | | | | the coverage you ordered, and then check to |
| These deductibles and other levels start over | | | | see if any special Amendments were added to |
| every year in most plans. Some plans, though, | | | | your policy to exclude any of your conditions. If |
| have a "per cause" deductible. Such a deductible | | | | an Amendment exists, these conditions will always |
| means that you will be responsible for bills up to | | | | be excluded from this policy, even after the |
| that deductible for each accident or illness. Make | | | | Pre-Existing Conditions Limitation expires. |
| sure you are aware of this distinction, so you can | | | | Following these five tips will help you choose a |
| choose a plan that's right for YOU! | | | | health insurance policy which will protect you from |
| 4. The Limits Revealed Within The Policy | | | | catastrophic medical bills. You may think, "Isn't |
| Ask your agent for a sample policy, and then | | | | that what any health insurance policy is for?" Yes, |
| check two sections: The Benefits and The | | | | that is the reason for buying any health insurance |
| Limitations and Exclusions. Many of your benefits | | | | policy, but, unfortunately, many policies fall short |
| are actually limited in the Benefits section. For | | | | of actually providing this protection! Be sure to |
| example, diagnostic testing or outpatient | | | | take the time to choose wisely when it comes to |
| treatment may be severely limited. These days, | | | | your health insurance! |
| you could have a serious disease such as cancer, | | | | |