How am I supposed to pick a good health insurance policy?
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Asked July 13, 2010
The only answer to this is to shop around. Online quotes will help you compare different plans and provide you with an indication of which ones provide the most robust coverage options. Take the time to compare rates at different websites, and research the policies of the companies that seem to be reasonable.
For you, the choice will come down to a balance of coverage options and premium costs. Be wary of companies that offer low insurance rates but reciprocate by providing reduced coverage that transfers a lot of the costs back to you. You may not be able to completely avoid co pays, but look for a plan that keeps them at a minimum, or has low deductibles. Don't give up excellent coverage just to receive a lower insurance rate, but try to avoid paying more than you must.
Look at your medical insurance needs and decide what kind of coverage fits your needs. Are you only insuring yourself, or will the coverage include your spouse and/or children? Do you have specific preexisting conditions that may not be insured by all companies? Do you have a history of insurance claims of any type? Too many claims will make insurance companies cautious of insuring you and result in higher than average premiums.
Ask your friends, neighbors and co-workers. Find out how they are meeting their insurance needs and what companies or plans they recommend. Does your spouse already belong to a medical plan that you can be added to? This option may require you to take out a temporary policy while waiting for open enrollment, but it will often turn out to be a cost-effective alternative.
Answered July 13, 2010 by Anonymous