Before You Look for Health Insurance
Copyright 2005 Richard Keir
Shopping around for medical insurance can be a confusing
business. You need to keep your wits about you and keep track of
the benefits and costs of each policy and each type of policy.
Too often we tend to look at the price first and the rest of the
policy becomes a blur of fine print. And we're off to check the
next policy.
Slow down. There some important things you should do before you
start chasing around to get a policy. Doing these few things
will make the whole process simpler and clearer - and you're
much more likely to make a good decision.
You need to carefully consider your situation. Think about these
questions and note your answers:
What's the general state of your health?
How old are you?
Do you have any serious medical problems currently or in your
medical history?
Do you have any history of recurring or on-going medical needs?
Do you use tobacco? How much?
Do you drink? How much?
Are you over- or under-weight for your height, body-type and age?
Is your job hazardous?
Do you participate in any activities or sports that could affect
your health?
Now this may be unpleasant but if there's any chance an
insurance company could discover a history of drug or alcohol
abuse or sexual behavior that might put you in a high risk
group, you may want to be direct and upfront about it -
especially if it's in the past. Having a claim denied later
because you had failed to disclose medical information to the
insurance company would be far more upsetting - and very
expensive. The same goes for any significant medical condition.
Insurance companies are in it to make a profit - at least most
of them are. Paying large claims isn't their favorite activity,
so they often do investigate.
If you're seeking a family policy you'll need to make the same
analysis for everyone and consider carefully what kind of
coverage you want.
Do you need dental, orthodontic, pregnancy, mental health,
and/or drug coverage? Do you need long-term care coverage,
either inpatient or in a nursing facility? Assisted living
coverage? What about traveler's or international coverage?
If there's a possibility that you may require - or want -
in-home care as opposed to a residential nursing or assisted
living facility, be sure that coverage is included and be sure
you understand exactly what you can expect to receive.
Think about deductibles and what you could afford pay to reduce
your insurance costs. But be very careful here, because medical
expenses tend to pile up quickly and reach nearly insane levels
for complex treatments or inpatient stays. Many drugs in common
use are ridiculously over-priced and depending on the specifics
of your insurance you may not be able to use the least expensive
sources.
If you will end up with multiple sources of coverage, be clear
about how they fit together and what the rules are about
overlapping or combined benefits.
Once you are clear on your current situation, your (and other
family member's) medical history, and your projected needs, you
can begin looking in a organized way with a better sense of
where you're going and what will actually meet your needs. This
may seem like a tedious process, but it will serve you well in
finding appropriate and affordable health insurance and making
sure your health care needs can be met by the medical insurance
you choose.
Take some time to work through these questions. Write down your
answers. Make a chart with your desired coverages and any
special conditions the policy must meet. As you look at health
insurance policies, note the rules, exclusions, information
about pre-existing conditions, any limitations, the dollar
amounts covered and especially any deductibles.
Don't try to do too much at once. If you hurry, it'll become
confusing and tiring. You may hate it (I know I do), but you
really do need to read all that fine print and understand it.
That's not a task to rush through. You might as well face up to
it, because it's a lot better to do it BEFORE you need medical
services than after you get a bill for the uncovered portion
that sends you into shock.
So is it an impossible job to find health insurance that works
for you? Not at all. There's a world of resources on the
internet to help you find the policy you need. Just be sure to
do your homework first.