Just the other day MyInsuranceExpert had a client calling in for health insurance as he sat in the emergency room.  He had broken his hand, and was looking for medical insurance to help offset his inevitable bills.  The bottom-line is the fact that this individual waited until it was too late to get health insurance.  To begin, the enrollment process can take anywhere from 2-3 weeks, and pending surgeries can either be excluded from coverage or considered an auto-decline.  Unfortunately, our Advisor was unable to help him with his insurance needs.  Do not wait until you’re sitting in the ER to get your insurance.

Here are a few things to keep in mind when looking for a plan:

Three Key Terms to Understand:

• Copayment: a set fee you pay for a service.
• Deductible: the amount you are responsible for before the insurance company will pay for any major medical services.  Does not need to be satisfied in most cases to have a doctor visit copayment etc.
• Coinsurance: is cost sharing with the insurance company.  This is the 80/20 split you see frequently on your computer.  After the deductible has been met the insurance company pays 80% and will ask you to pay 20% until you’ve reached a certain limit.

Find a plan you can afford:

• There is no point in signing up for a plan only to drop it a few months later because you cannot afford the premium.  The deductible will directly reflect your monthly premium.  The higher the deductible the lower the premium.�
• Add an accident benefit rider to a plan if you are worried about a slightly higher deductible.  This will pay first dollar for any bill related to an accident before having to meet your deductible.

Health insurance is something you must qualify for:

• When you find a plan, you must fill out an application with the insurance carrier.  The insurance company will review that along with your medical background and from there decide whether or not to accept you.
• If you would like assistance in your search for a plan, as well as the application process speak with one of our licensed Advisors.  Their service is free to you, and they are here to ease the process of getting quality health insurance coverage.