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How To Buy Health Insurance

By: Karen Lee

It is essential that, you as a consumer understand as much as you can about health insurance, particularly the policies you are considering purchasing. Research first and research well. Learn what types of policies are available in your area and age group. Look into the A.M Best rating for the carriers you're considering. Ask your agent.

Check out your agent as well. Is he an independent or captive agent? An independent agent represents many insurance carriers and is not limited and will therefore most likely push only the policies of a particular insurance company. What hours is the agent available to you should you have problems or questions?

Make certain you completely understand the limits of the policies you are considering. Know beyond a doubt what the insurance plan covers and how they pay, or you will be reimbursed for office visits, prescriptions and other covered medical services.

Insurance language is usually confusing, and often proprietary. Make sure everything you expect is in writing and that you understand what the policy actually says. Your agent should be able to help you in this regard. Enlist his assistance in interpreting what is in your contract, but make sure all the coverage you expect is actually written in the contract. The last thing you'll want to discover is that you've been faithfully paying for a policy that does not cover what you had thought it did.

To save a few dollars (can be very significant savings) consider purchasing a plan with a higher deductible. You might even consider an HSA, or Health savings Account which covers you for the major medical bills, while allowing you to deposit money into a special interest bearing, tax deferred account which you will use for the minor, less expensive medical charges. Discuss this option with your agent.

Also consider joining an organization, or association which offers a group health insurance plan. In many cases (but certainly not all) a group plan can be less costly and cover more than an individual plan.

Read your renewed policy every year. Read all the fine print. Make certain that your new policy covers everything the old one covered, everything you need covered. The health insurance industry is constantly changing, as are you. Make certain your policy keeps up with your needs.

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