I just saw an ad on the Internet for health insurance coverage for a very low monthly rate. Is that kind of policy worth it?
The biggest mistake people make when looking for health insurance is that they do a search on the internet and then believe that they are getting an accurate quote. That’s also true for supplemental, life and group insurance.
Until you talk to as many licensed agents as possible on the phone and evaluate whether the health coverage will meet your individual needs, you will not get adequate coverage or an accurate quote.
Many believe that all insurance is the same. But, that’s just not true.
You should never buy a plan sight unseen. Most likely, you’ll buy it and learn that what you need covered at the doctor’s office or the hospital, just isn’t covered for the rate that you were quoted.
When you talk face-to-face with an agent via a conference meeting or webinar (the most common way to meet with an agent these days), they will listen to what you specifically need for coverage and then they will show you different product options that meet your specific needs.
Would you buy a car sight unseen? Normally, you would not.
Insurance coverage should not be bought without seeing exactly what you are getting for the quoted cost.
Just like you would ask a financial planner to show you their credentials, a good insurance agent will show you their home state license (typically available online).
Ask the agent how long they have been in business. Go with the experienced agent. Just like a financial planner, expertise comes with experience.
Bankruptcy courts are full of people who can tell you how bad their insurance was that they purchased.
Nobody likes surprise medical bills, out of network charges or any other additional charges for medical care, above what they are paying for monthly insurance coverage.
According to the Kaiser Family Foundation (KFF), more than a quarter of U.S. adults struggle to pay their medical bills. Those struggling include folks who have insurance, whether independently or through an employer. In fact, medical debt is the number one source of personal U.S. bankruptcy filings.
In 2016, The New York Times reported that 20% of Americans under the age of 65 with health insurance had trouble paying their medical bills over the past year. Of those, 63% claim to have used up all or most of their savings to tackle their healthcare expenses, while 42% took on an extra job to cover their costs.
Finding the right policy for the right cost will help you avoid unnecessary medical debt.
Overall, you are looking for the 3 legs of a stool:
- Reasonable price
- Great benefits, where the emphasis is on covering the areas that would hurt you financially (hospital, emergency or air ambulance)
- Excellent service
We’re hosting an online webinar on September 12 so that you can ask questions about your insurance coverage.
Join us online and ask any question you want about insurance. To learn more about this event, click here.