The biggest mistake that people make with insurance quotes is not comparing apples to apples.
Much of the industry language in health insurance is similar, but as of late, many providers have found new ways to save you money, offer more choices for the customer, and personalize a health plan that is ideal for your particular situation.
While these options are beneficial in the long run, it makes it tough to gauge how each one works when you contrast it with seemingly similar options in polices from other companies you have quoted. When you compare health insurance prices, you first need to look at what is in it for the money.
Here are some key points of interest you must consider with your insurance quote:
1. What is the co-pay rate for an office visit?
2. What will they cover for an office visit?
3. What is the exact monetary amount covered with each visit?
4. Will the company cover all prescription drug costs?
5. What is the price of brand name drugs?
6. How does this price compare with the generics?
7. Is there a deductible that preempts coverage?
8. What is the deductible rate before all costs are completely covered?
9. Will the company even cover all costs? Some will only foot 70 or 80 percent of the bill.
10. What differences are there in individual and family coverage?
11. What is the policy on cancer or other catastrophic illnesses or injury?
12. Does the policy cover accidents?
There are so many factors to consider when you pore over health insurance policies, but these queries will handle the biggest areas of concern. That is, areas that will cost you big bucks if you don't have the proper coverage when needed.
Perhaps the most important factor to bear in mind when comparing quotes is the type of coverage that you and your family will need. Historically, if you have a healthy family that rarely gets sick, you might save some money by looking for a plan that handles accidents, catastrophic illnesses and a health savings account.
They are relatively new plans and mandate that you cover costs for doctor visits for sickness out of your own pocket until you reach the deductible, individual or family. From there, the company steps in and pays anywhere from 70 to 100 percent of your costs.
With some patience and the willingness to understand new words, any smart person can understand, compare, and contrast health insurance quotes to get the best policy for themselves and their family, providing necessary coverage that will protect them from financial ruin in the event of a major sickness or accident.
Once you have an even smaller list of companies, take the time to discuss the finer details like restrictions to preexisting conditions and the certain amount or limit of coverage to a month or year with a representative from the company.
If you have decided on a provider, do not feel pressured to sign a contract with them quickly, rather, head home with the paperwork and peruse it one last time to be certain that you understand all the details. With that, you can sign off on the deal and feel the relief of proper insurance coverage.
By Andy Ryan
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