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