Act Now To Avoid Higher Rates
I recently met with a client who was thinking about getting himself an individual health insurance policy. I presented him with three of the best options from different carriers. The benefits were rich, and the premium was cost effective. He liked what he saw and made a decision on one of the three policies. He prepared to meet with me and fill out an application.
Two hours before our meeting, he called to cancel. This went on two other times and by then it was the following month when this 49 year old man was turning 50. The day before his birthday, he met with me to fill out the application.
The carrier came back with a premium that was $25 higher than the original quote. Naturally my client was very upset because his health did not change from the month before.
Please be aware that when you are thinking about moving forward with a health insurance plan, ALWAYS inquire about when the premium rates will change. If you delay submitting an application, the premium may not be the same as that which was quoted. Some carriers will increase the premium six months before a threshold date such as your birthday.
Do you know what the two most important features are that a health insurance plan should cover?
1) Various forms of medical care, such as: hospitalization, Doctor’s visits, prescription drugs, laboratory services, X-rays, MRI, CT Scans, outpatient treatment and rehabilitation services (i.e. physical therapy, occupational therapy, speech therapy).
2) Your out-of-pocket exposure. Good health insurance should pick up 100% of your medical expenses when your out-of-pocket expenses from deductibles and co-insurance reach a specific dollar amount in a year, such as $3,000 or $5,000.
We will cut through the jargon and acronyms that make choosing the right health insurance plan so intimidating. Getting a handle on your health insurance choices need not be a major undertaking (even if you don’t spell well!)
We will explain if an HMO is better than a PPO, and how does it compare to a POS or an HSA?
