When shopping for insurance, you have to put into consideration the kind of payment plan that would suit your pocket. There are different payment plans, but you’ll have to shop diligently to get the right payment plan for you.
When you pay your monthly health insurance premiums, it does not mean that you’ll not have other out-of-pocket expenses. What if your children have to visit the emergency room? How about old folks that need to visit the doctor regularly? These are issues that should guide your choice of a health insurance plan.
Find out whether your insurance policy requires you to pay the following:-
· Coinsurance. This is the percentage of your medical bills that you will have to pay when you reach a pre stated deductible.
· Co payments. This is the amount you are required to pay whenever you visit your health care provider. This is generally required by HMO’s
· Deductible is the amount you are expected to pay (most times annually) before your insurance company would begin to pay claims. This applies in indemnity plans.
The blend you should be looking for in a health insurance payment plan is flexibility and affordability. When you are looking for this, you have to patiently consider if the company you want to use offers the following:
· Check whether the companies you want to use have the license to provide health insurance in your state.
· What is their rating? Your State department of insurance website is a good resource to use. Other institutes you can check out include Poor and Standard’s, A B Best amongst others. They are institutions that rate insurance companies.
· What is their credibility? Have they built a reputation of keeping to their end of the bargain? You do not want to be involved with a company that would let you down at the end of the day.
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· What are the coinsurance, deductibles and co-payments that apply to the policies offered?
· If the plan covers a pre-existing condition, what is the waiting period before claims can be made? (The average is usually between 3months to one year). If the plan does not cover pre-existing conditions, what are your options?
· How much freedom do you have to choose your health care provider?
Here are great pages for health insurance quotes…
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