Tuesday, June 1, 2010

Making the Right Private Health Insurance Decision

There are plentiful insurance plans to choose from, but with small differences between the options how to you choose. Many of my clients are aware through their own research, that there are many insurance providers out there each with dozens of plans at different premiums.  They searched out a broker for guidance and advise.  I even had a perspective client (now a current client) tell me that he just wanted information and did not need a broker.  I was more than glad to help.  It came up in the conversation that he was going to purchase the plan directly from the provider rather than through a broker because it was cheaper.  You can imagine his surprise when i informed him that the price is exactly the same weather he uses a broker or not except even he goes directly through the provider, he losses the free usage of a broker. The prices are exactly the same as going to the insurer directly, our services are free.

Its best to seek the advise of an independent broker who is not tied to one provider and who has access to a large number of insurers.   An exclusive agent may try to pigeon hole you into a plan that is not a prefect fit for you, because that is all they have to offer, with an independent broker, the Sky's the limit.

There are many things to consider when choosing a provider, in the past, pre-existing medical conditions have been excluded from cover, along with all related conditions. Someone suffering from high blood pressure would find they were also not covered for such conditions as heart attacks, strokes. The costs incurred could would be astronomical.  There are plans out there that look to cover pre-existing conditions, the premium would be higher than that of a healthy individual.


Choosing the right area of cover is another important task. If someone stays in there home area the best and most cost effective plans are the local one, for example Sierra Health Insurance Plans of NV have by far the best plans for anyone that is generally located around there home base of NV(and are not looking for maternity coverage).  If you are a business man that travels often, you would need a bigger a provider that is present in most states.  These premiums would generally be higher for the prime time names, but you would avoid out of network fees, should an emergency arise and you are of town.


So, is a major player always the best bet?

Not always i observed that smaller companies can be much better in their administration, and customer service. They also have the ability to treat each customer as an individual rather than a number. As they are smaller, they can be quicker to pro-actively respond to the changing needs within the market place. That said, larger companies can be more widely recognised by medical institutions in some remote places.

There really is a lot to consider, things are changing more than ever, and more quickly than ever before in the insurance market. That’s when the expert advice and guidance of an experienced broker becomes vital.

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