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