how to choose a health insurance plan?

Submitted by yogesh0505 on Tue, 09/23/2008 - 02:55

how to choose a health insurance plan?

Posted: 23 Sep 2008 05:03 Post Subject:

Before deciding upon the health insurance carrier you're required to do a bit of research of yourself.

  • Before deciding for the carrier, you should delve into their history to know about their credibility, claim handling process, client satisfaction, complaints and such.

  • Also its important to learn about the financial stability of the insurer before signing the policy document.

  • You can check out with the business rating bureaus and also with the state's department of insurance to know about the insurer's market performance and rating. The insurer with a higher rating along with fewer number of clients' complaints, is likely to be your choice.

Posted: 23 Sep 2008 05:42 Post Subject:

While searching for the health policy, you should shop around for the price as well as for the benefits offered by the different insurer.

The premium rate even for same type of coverage varies widely between the insurers. Hence, comparison shopping is a prime requisite for the health insurance shoppers.

You may ask your physician for suggestions. It may be beneficial for you to choose the policy that your physician accepts. Also, pick a policy that offers a larger network of doctors to choose from.

~Jeremy

Posted: 23 Sep 2008 07:21 Post Subject: how to choose a health insurance plan?

Yes Jeremy, I agree that rate is an important determinant of choosing a policy, but one shouldn't put over emphasis on it while shopping for the insurance plan.

The premium rate of the policy shares a direct relation with the coverage benefits offered by the plan. Hence, a policy that is covering larger aspects may cost more than a regular plan with limited benefits.

Here is how to choose a health insurance plan;

  • what are the medical conditions covered by the plan?
  • does it allow the policy holder to visit outside the network physicians?
  • what portion of the cost you are required to pay out of pocket before the policy benefits kicks-in?
  • does the policy cover wider range of treatments, including modern treatments?
  • does it cover nursing home expenses?
  • does it cover prescription drugs?

Posted: 28 Sep 2008 06:19 Post Subject:

Simple. Pick a LOCAL broker with at least 20 years of experience. If you're not sure, email me and I'll investigate and find some reputable brokers for you.

Posted: 28 Sep 2008 06:37 Post Subject: how to choose a health insurance plan?

these are imp things that u have to consider.
Amount that you have to pay out of pocket before your insurance will start paying for part of the cost and
next choosing a gd plan i.e for how many years.
Most and main factor is the considertion of co insurance and co payments how much a insurance will be willing to pay policy taker payments(hospital charges).
nor mally insurance companies pay 80% of the charges.choose the best.
main factors u hsd consider are the copayments ,coinsurance and u r deductions.
then u can plan u r insurance depending upon your health condition.

Posted: 29 Sep 2008 07:21 Post Subject:

Hi yogesh, I'm sure that my fellow members have already solved the problem for you. Its important to evaluate your needs before purchasing the policy. Nothing is worse than if you find out at the time of need that the coverage is inadequate or is not providing you the desired benefits.

Apart from the above, you should also keep the price of the coverage in mind. Try to receive as many quotes as possible for the same worth of coverage to decide accordingly.

Along with the other, if you are exposed to certain health perils due to your job or heredity, you may require to maintain higher limit or special rider for better protection.

BTW, OhioHealthInsurance, its nice to see you back on board :)

Regards,
Juanita

Posted: 29 Sep 2008 10:58 Post Subject: How to choose a health insurance plan?

Hi Yogesh,

Choose a plan that offers you maximum benefits. Settle for a plan that you think you will be comfortable with. However, do not go for a plan by value of the money involved alone. There are a lot of factors involved. It would be best to take help from a reliable agent (if you can get hold of one). Ask as many questions as you may want. Asking a few or all of these questions might help. Take a look:

• What will be the monthly premium to be paid by you?
• Are you entitled to any discounts?
• What are the deductibles?
• What percentage of reimbursement will you receive?
• What are the laboratories, hospitals and other care providers that you can use within the company's network?
• Which doctors are listed within the policy?
• Can you visit a doctor outside your policy network? How much will they cover in this case?
• What about going to a specialist?
• In case of a chronic disease, how will your plan treat it?
• Can you be entitled to a prescription drug plan?
• Are alternate medicines covered too?

Happy to help :)

Posted: 01 Oct 2008 11:11 Post Subject:

Hi Juanita. I kept meaning to return but seemed to always forget. Now that I am back, I am going to post 200 times per day...starting in the year 2020.

Posted: 07 Oct 2008 08:03 Post Subject: it is very simple

first of all choose a well reputed insurance company then an expericned broker, who can give you all the details about that firm's insurance plans.
choose the plan best suit you.
thats it.
(edited for spam-lori)

Posted: 07 Oct 2008 10:54 Post Subject:

I hate to be critical, but ninatins...who would take you seriously after that previous post? By your lack of writing skills, it is clear you are not in the insurance business. Your link is designed to make money for you, and that's all.

Posted: 08 Nov 2009 05:00 Post Subject:

This is a simple question. The answer is which company of the reputable health insurance companies (if you haven't heard of them don't buy it unless it is well known) gives you the most health insurance for the least money in your demographic. Meaning if everything is the same (deductible, and out pocket and copays) then go with the cheapest.

Posted: 11 Nov 2009 01:38 Post Subject:

with Health insurance particularly you are better to pay a little more to make sure you are going to get good service at claim time. You just can't afford to be in a position where you have to fight your insurer to pay a claim that should be simple.

Make sure you get the level of cover you need and that there are no restrictions or exclusions on cover that you are not comfortable with.

Often different insurers will take a different position on pre existing medical conditions depending on their severity etc. so finding one that will give you the cover you want is a very important step.

Don't only focus on price. While important, the best price isn't as important as the best VALUE.

Posted: 10 Dec 2009 11:58 Post Subject: health insurance

(adding a thought or two..) I've been looking at different Health Insurance plans. GOSH...Health Insurance is really expensive!! With a few plans I've called about, I'm finding out you can't 'pick and choose' what you want. seems like you take what 'they' give or get nothing at all.

Posted: 11 Dec 2009 12:45 Post Subject:

Mostly all good advice in the posts above. No one has mentioned "HMO" or "PPO" by name, although they have alluded to them when they write about choosing a plan that allows you to go outside the network (PPO) or not (HMO).

I agree with OhioHealthInsurance that an agent with lots of experience will likely be a better resource, but don't know that "20 years" is an absolute necessity. Regardless of the number of years of experience, you need to have a good feeling about the agent recommending what's in your best interest, not his. So you must not fail to ask, "Why do you believe this plan is better than any of the others?"

The insurers I've chosen to represent are all well-known and offer plans that are among the very best available, but each client's needs are unique and I have to find the two or three plans among all I can offer with the mix of benefits I believe meet those needs most closely first. Cost is a secondary consideration. I have specifically chosen not to represent a few companies whose business/claims practices or quality of payments to physicians and hospitals I don't like, even if they are "bigger" companies that people know by name.

I have no idea who/what "Kiran" is with his text message shorthand, but I think most of the other posters here would agree that "normally 80%" (coinsurance) is a thing of the past, except perhaps for some large group policies and Medicare Part B. Today, 70/30 is considered "the norm", but many policies have specific limitations on some benefits as low as 50%, and only a handful of individual plans cover things like maternity. Knowing what is and is not covered (exclusions), and to what extent, is usually more important than price. But one cannot overlook out-of-pocket costs as unimportant.

And when doing comparisons between plans, almost all companies have a "matrix" that compares the differences between their own plans. If comparing Company A with Company B, you put the matrix from each company side by side to try and find apples-to-apples in term of benefits, not price.

Here in California, the Insurance Commissioner has just published what he believes to be the first of its kind report card on PPOs. Our Dept of Managed Health Care has been publishing a similar report card on HMOs for 7 or 8 years. They may not represent how the same companies fare in your state, but generally the way a company performs in one state is going to be similar to how it performs in most other states. Using the Dept of Insurance in your own state as an information tool is always good advice. Perhaps more so than BBB or Internet bulletin boards.

Finally, no one has mentioned the use of Health Savings Accounts (HSAs) with a "high deductible health plan." Depending on your specific situation (single-married-dependents-health status-etc), this may be a viable alternative, too. Especially if you're healthy and don't expect to be using your insurance much beyond the occasional wellness check up, or a random bout with the flu or other temporary illness. Your ability to fund the HSA to the maximum level each year is important. Without that ability, the principal benefit of the HSA is probably not going to work.

Posted: 18 Dec 2009 10:02 Post Subject: health

Having all of those years of experience doesn't mean it's 'the best company' to go with. Just seems like the 'better co's' are the most expensive. I've been doing some research on a few.....hopefully I'll come up with one that I'm satisfied with.

Posted: 11 Jul 2010 04:46 Post Subject:

One simple tagline

Purchase health insurance from that company which has highest claim settlement ratio without giving much importance to the premium,because mostly premium amount is almost same for majority of the insurers.

Buy it from the person who is aware about the claim settlement procedure,basically an agent will be able to help you in this regard so avoid those policies which are sold by call center guys because they won't be able to give post claim services as effectively as an agent can give.
DIMG786

Posted: 03 Aug 2010 06:32 Post Subject:

Well first of all you should ensure that the insurance company you are opting for is financially secured so that your investment remains safe in the longer term.
Then you should find out if it covers all those diseases especially the ones which you think you might inherit from your parents.
Always make sure that insurance covers the disability.

Posted: 13 Nov 2010 10:30 Post Subject:

It depends on what type of financial exposure you are comfortable with. I suggest- BCBS, United HealthCare, Humana, Cigna, Aetna, Trustmark, and a few others. But first I identify the risk of my clients, e.g. High Blood Pressure/ High Cholesterol/ Smoker etc.. certain conditions will drastically lower our available options, as far as Companies. Not only limits companies but also, the specific plans available- A low deductable co-pay plan will more than likely not be available for these risk. If you apply for the wrong plan and get declined, good luck switching gears. Definately get a Broker with experience in Health Insurance, not many Brokers want to sell Health Insurance, especially post Obama Care. sadlerins@gmail.com

Posted: 14 Nov 2010 03:37 Post Subject:

Most healthcare service plans now have a pre-underwriting application evaluation process to avoid the declines that can make things more difficult for insureds. But most of us who write health insurance applications have not stopped doing so. We just have little, if anything, good to say about Obamacare.

Fortunately, the Republicans have taken control of the House of Representatives, so half of what is necessary to repeal or alter the plan is in place. May have to wait two more years, to 2012, for them to take the Senate and put their own man/woman in the Oval Office to accomplish the task. That, still, is two years ahead of the 2014 deadline -- just enough time to get it done.

Posted: 15 Nov 2010 11:22 Post Subject: Compare before you go for it

We’ll look below at a couple of tips for comparing health insurance and life insurance costs
Make sure you are comparing similar premiums structures
health insurance plans usually offer two premium structures to choose from. The first premium type is usually called a “stepped” (or “rate for age” premium). This type of premium will increase every year with age. The rate of increase is small for younger people but as a person gets older it increases rapidly – and in the long term becomes extremely costly.

On the other hand a “level” premium will not increase with age. As the name suggests it remains the same every year. This type of life insurance premium will start out more expensive than a stepped premium, but in the long term will be much more cost effective.

So, if you are comparing life insurance or health insurance premiums, make sure any you are comparing are of a similar structure (and also think about which structure is going to be better for your situation).

Ask for a long term premium projection
This will help you with the “stepped” versus “level” choice mentioned above, however it is also important for another reason. Some life insurance companies will have a built in discount on their first year’s life insurance premium. This makes the premium look more affordable – but means that in the second year it might be more expensive than other insurers. So make sure you ask for a projection of likely costs – this will help you understand actual costs over the long term.

Posted: 15 Nov 2010 03:45 Post Subject:

health insurance plans usually offer two premium structures to choose from.



Name one. Just ONE health care plan that is sold with a lifetime level premium. Or even ONE with a ten-year level premium. Or a five-year level premium. Or a three-year level premium. At best, some plans say they won't raise premiums in the 2nd year of a new individual policy, but they don't PROMISE it. Read the "fine print" that says moving into a new age band may result in a higher premium in the 2nd year.

You cannot compare life insurance and health insurance in the same breath, let alone the same post. Not only are they two different classes of insurance, offering coverage for very dissimilar risks, they are often not available from the same companies.

Some life insurance companies will have a built in discount on their first year’s life insurance premium.



This is only true when there is a later, higher premium to offset the "discount" in the first, or first few, years. These policies are called "modified" premium (one-time increase) or "graded" premium (series of increasing premium steps in the first 5-7 years). They are designed to entice a person who doesn't have the ability to pay the proper level premium from the first year. Most people, including agents, never stop to do the math to see how much this will cost over the life of the policy. And some never see the 500% higher premium until they get the notice at age 65 that their modified policy premium is now increasing -- and then make the wrong decision and cancel their insurance just before they croak . . . all because their $50 per month premium is now $250 to age 100 (or 121).

No one gets anything at a discount when it comes to life insurance, unless there is some other trade-off to something or someone else. If we insure someone as a preferred risk at a 30% "discount", you can bet that the underwriter will add a substandard risk at far more than a 30% increase to "balance" the risk pool. Policyowners don't get a "discount" for paying a single premium, a ten-pay premium, or an annual premium, everyone else pays more based on the number of premium payments they make over the life of the policy because they cost the insurance company more in administrative expense.

Posted: 23 Dec 2010 03:19 Post Subject:

considering a life time insurance, i am thinking how many years would i pay? while im planning to get one . cause as of now my insurance plan is good for 10 years and after that i have to renew it again.

Posted: 23 Dec 2010 05:32 Post Subject:

OK . . . so you have a term policy that you don't think you'll renew in 10 years.

considering a life time insurance, i am thinking how many years would i pay?


Here's the math: 121 minus your current age. That's how many years you might have to pay for a "lifetime" policy.

There are alternatives that would allow you to pay the lifetime cost in a shorter amount of time, but the shorter the time to pay the premiums, the higher the premiums will be.

Your term policy will permit you to convert to another policy of the same face amount, with the same insurance company, and without proof of insurability. That should be your first consideration. Unless your term policy is from Primerica Life, you will be able to convert it to a whole life or universal life policy, no questions asked, other than, "How did you want to pay your premiums?"

Posted: 23 Dec 2010 12:33 Post Subject:

here there are nice 6 tips to choose the health insurance: http://today.msnbc.msn.com/id/19581014/ns/today-money/

Posted: 29 Dec 2010 10:20 Post Subject: health insurance

for a good health insurance you need to pay a little more, so need to compromise in terms of health with money

Posted: 04 Jan 2011 07:26 Post Subject:

you can find hundreds of promising health insurance but it varies with many factors... first is you get your top 10 perhaps... from there compare their strong points such as the total coverage of benefits, price and credibility.

Posted: 05 Jan 2011 04:02 Post Subject:

health-quotes.i Health Insurance- my family have this health insurance. It is affordable and has good coverage for dental issues.

Posted: 05 Jan 2011 11:11 Post Subject:

Choosing the proper health insurance plan is kind of challenging for this is a huge decision for most families. Trying to find the best plan for you or your family is enough to make you reach inside your medicine cabinet. You need to know what options are available to you, what each of those options offers and whether or not you can afford them. Guidelines you can consider to check.

1) Check for exemptions
2) Decide which plan type best meets your needs.
3) Before electing a different plan, check to see that your primary care physician and specialists are in its provider network.
4) Compare the total cost of various plans using an online calculator, a tool offered by many employers.
5) Don't get lured by those new freebies as you won't might get the coverage you needed.

Posted: 24 Jan 2012 07:34 Post Subject: bxqMjyMXVobxZVkcTV

Free info like this is an apple from the tree of kownledge. Sinful?

Posted: 24 Jan 2012 12:36 Post Subject:

You can choose to go for a high deductible health plan which in turn would make you eligible for HSA benefits. Maintaining a HSA entitles you to tax benefits.

Posted: 02 Jul 2012 12:48 Post Subject:

Before choosing the health insurance plans, get to know the types of the plans available and their benefits atleast up to the ground level.

The various types of insurance details are available online on various sites like get-online-insurance-quote.com.

For information regarding the health insurance, you could click Health tab in the above site.

Then opt for the companies which provide these plans in a more effective way. Choosing the trusted agencies can also be done with the help of the tab "Find Insurance Agents" in the same who guide further in choosing the planning and the company to get more benefit.

Posted: 22 Jul 2012 04:09 Post Subject: Seeking Suggestion for Choosing Right Insurance Plan

Lots of Questions to select for a good Health Insurance. Short or Long??? Mode??? After analyzing several Insurance companies, I Want to Select the SHORT term policy of 2HEALTH INSURANCE. So seeking ur opinion , PLZ HELP ME. . .Check the link and Help me out for Findings:

[Link removed - Admin]

Posted: 25 Jul 2012 02:29 Post Subject:

Choose a health insurence based on your budged and the quality of the service you would like to have. There plenty of insurace companies and you will have to find the right.

Posted: 26 Jul 2012 12:25 Post Subject:

Written like a true non-English speaker. Information of no value.

Posted: 03 Aug 2012 08:06 Post Subject:

Even though you misspelled budget, it is a factor in deciding on an insurance policy. As is your usage of medical services and your risk tolerance based on those uses. No one can say the best policy is an HSA, PPO, POS or even a HMO. Any one of those might be the best fit for your situation. Maybe it takes a combination of policies to get the premium and risk balanced for your family. One thing I do know after having been in this business for 8 years is, there are too many options available for even us brokers to completely understand every idiosyncrasy of every available policy, from every company available.

Three things are really important in the process.

1. You need to find a broker (by definition, represents multiple companies not just one) that has been in business for a while, and that you feel is going to diligently research on your behalf. They have already weeded out policies and companies that offer poor coverage or leave you with hidden loopholes.

2. The Advice of a broker is free. You won’t pay anything additional to get this advice because all like policies are the same price no matter who you buy them from (it’s the law). What that really means is, that if two brokers (or two websites) give you two different prices for the same policy, from the same company, well, they really aren’t the same policy, there must be some small difference.

3. Spill your guts! Tell the broker you choose everything. Nothing worse than applying for a policy and finding out the price is different because…., or getting a decline. I know that when I am quoting for a new policy, I try to make sure what I say is available is really available and at the price I say it will be available at. This kind of stuff can’t get handled on a website. I hear from people all the time that tried to get insurance online only to get declined or find out the price the website quoted was nowhere near the actual offer.

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