Health Quote Individual Life
or
Disability Quote Group Benefits
Information Read the Latest
Insurance News
Home About Us Group Health Individual Health Health Savings Accounts Small Business Insurance Blue Cross Blue Shield Dental Insurance Life Insurance Disability Insurance Seniors Contact Us
5 Health Insurance Mistakes 5 Life Insurance Mistakes 5 Reasons to use Us
About Steve Clair Associations/Affiliations
5 Health Insurance Mistakes
Mistake #1 – Not Understanding Deductibles and Co-Insurance
Most companies offer deductibles from $500.00 up to $10,000. Co-Insurance can be from 0 to 60% additional, and in many instances, costing a policyholder much more than the deductible. Some companies even require multiple deductibles (ie: a deductible for physicians and a deductible for hospitalization).
Mistake #2 – HMO, PPO, HSA?
Health Insurance options can be confusing. There are many types of plans available. DHMOs, while typically a little less expensive, limit your choices of health care providers. PPOs cost more, but give you a greater choice of providers – depending on the network. Many smaller companies have lower premiums, simply because they offer limited networks. HSAs are tax advantaged; high deductible plans. These are quickly becoming very popular with individuals and families with the discipline to make monthly contributions to a separate savings fund.
Mistake #3 - Co-Pays
Be aware that many policies have separate co-pays (the amount you pay for the office visit) for different types of providers. Generally, you will pay more to see a specialist. Also, some policies have a limited number of annual visits before you are required to pay a deductible.
Mistake #4 – Pre-existing Conditions
In most cases, if you wait until you suffer for an illness or injury, than you've waited too long. Most policies have a minimum one year waiting period before covering a pre-existing condition. Sometimes, insurance companies will apply longer waiting periods, or even exclusions to certain pre-existing conditions. The time to buy health insurance is when you are healthy.
Mistake #5 – Not Utilizing a Broker
Selecting an Insurance Broker is often easier than working with an agent that only represents one life insurance company. A broker will try to find the lowest rate for you and the best policy to fit your situation. An agent that only works for one company, called a "captive agent", can only offer you the products from that one company.