INSIDER’S HEALTH INSURANCE BUYING TIPS – SAVE UP TO 40%

Health Insurance Policies can vary widely. It pays to examine several kinds before makingg a selection. Here are a few things to look for:

(1) Use an independent insurance agent. They can get policies and ates from dozens of health insurers – instead of just one. You could save up to 40%

(2) Is the policy renewable? You should only purchase insurance that is guaranteed to be renewable as long as you pay your premiums. You should reject any policy that can be canceled if your health fails or if it must be renewed each year.

(3) Check nursing home benefits. Some policies place restrictions on nursing home payments — such as requiring that they be “medically necessary”. The best policies pay benefits if the doctor simply orders the patient to nursing- home care.

(4) Does the policy offer inflation protection? You should determine if the policy increases nursing-home benefits as inflation rises. What looks like good insurance now may not look so good in 10 to 15 years.

(5) Check out the insurance company. More insurance companies went bankrupt last year (22) than in the previous five years. So it is highly important to check the financial stability of the company before buying a policy.

There are several ways to check on the stability of an insurance company. Here are some tips:

Find out how long the company has been in business. Look in the library for ratings agency directories.

Contact your state insurance department and ask about the company.

Read business publications to keep abreast of which companies are having financial problems.

(6) When do your benefits begin? Some insurance policies have waiting periods before they began to pay. Other policies place limits on the amount of money or length of time that they will pay. The best policies are those that begin coverage as soon as you start receiving medical treatment.

(7) What does the insurance cover? Most insurance salesmen will tell you all about the many things that the policy covers. However, many neglect to tell you what the policy doesn’t cover. So you may need to read the fine print and ask some questions.

Here are some items to look for:

Many nursing home policies won’t cover custodial care costs. They also won’t pay unless a doctor states that the stay is medically necessary.

Pre-existing medical problems are often not covered when you get a new policy. You should carefully study any coverage restrictions on medical problems that have occurred before you bought the policy. Some policies have a “waiting” period built in before they begin to cover pre-existing health problems.

Some policies also restrict coverage for certain types of illnesses or medical procedures. You’ll want to determine what these restrictions cover.

(8) How large are the benefits? Some policies have very high deductibles before the policy begins to pay. Other policies have low total payments and then coverage stops. So you need to make sure the policy will not leave you financially liable in the event of major medical problems.

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