Health

We don’t think of it too often; as a matter of fact, unless we are faced with a health crisis or need, we don’t think about health insurance at all! It is no wonder that many of us are caught unaware when an emergency occurs, and some of us suddenly realize that the insurance coverage we bought ten years ago is woefully out of date for our current needs. While purchasing insurance can be a daunting task in itself, remember that any plan is only as good as the company that underwrites and stands behind it. To this end, here are ten things to consider before choosing your next insurance company:

1. Full Disclosure

When purchasing an individual health insurance policy, the underwriter will look at your medical history. Prior to comparing rates, be sure to write down all pertinent information, so you will be able to compare apples to apples and oranges to oranges. Additionally, it will give you a feel for what kind of information raises red flags for insurance companies. If you suddenly deal with a company that does not bat an eyelash at your skydiving accident that happened just last month, you will need to ask a few more questions to make sure the rates don’t suddenly change after you sign on.

2. Pre-Existing Conditions

Most companies will not insure pre-existing conditions; others will do so after a sometimes lengthy waiting period. Still others are legally mandated to carry “guaranteed issue” policies. Prior to signing on with a company, get a detailed list of what is considered a pre-existing condition, the exclusionary period, and also what kind of coverage will be provided one the exclusion ends.

3. Interview An Agent

A licensed, independent insurance agent is a goldmine of information and industry gossip. Furthermore, the agent will be able to share feedback received from other clients about a given health insurance company, insurance products, and even customer service.

4. What Does The Future Hold?

When picking an insurance company it is imperative that its products and coverages can grow with you and your changing needs. Thus, a company that specializes in catastrophic coverage only will be of little use once you have children in the house.

Continued in part two…