Category: 
October 17, 2007
With all the health insurance terms like, “deductibles”, “co-payments”, “co-insurance” and others, it’s no wonder health insurance can be confusing. To understand some of the terms makes it just a little easier to make an informed decision in the purchase of either individual or group health insurance.
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So, What Should We Look For In A Good Health Insurance Program?
Obviously we want our health insurance underwritten by an insurance company that has the financial strength to pay our claims. There are many health insurance companies out there and if a company representative offers you a program that sounds too good to be true, you may want to check it out. If you aren’t really familiar with the insurance company, you may want to check with your local Better Business Bureau and your state Department of Insurance. You also may want to take a look at the insurance company’s ratings with A. M. Best and Standard & Poor’s.
There are health insurance programs out there which have a very limited number of doctors and other healthcare providers in the plan’s network. Even, if you get a good price on the plan, if you can’t find a doctor in your area, it really wasn’t a good buy, was it? Most large health insurance companies have web sites where you can look up a provider directory.
Let’s face it, we buy, sell and manage our financial affairs more and more over the internet. An insurance company web site, where you can register and actually view the benefits of your health plan, as well as, any paid or unpaid claims, is very helpful. It can sometimes save the hassle of calling the insurance company and getting a complicated phone mail system.
Some of the older health insurance plans still in force, have a “lifetime maximum” of one million dollars. I have personally dealt with an insured who, after several bone marrow transplants, actually met the lifetime maximum in his health insurance policy. Once this lifetime maximum is met, the health plan will never pay another penny, ever. You should demand a minimum of $5 Million lifetime maximum, more if you can get it and can afford it. I would consider the above “major” things to look for in a good health insurance program. Obviously, there are other things which are important in making your health insurance plan decision, such as:
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