The Health Insurance IndustryÂ’s Dilemma
An agent and consumer primer on what to consider when attempting to find low cost health insurance.
(PRWEB) July 30, 2005
In this day and age, it is becoming increasingly difficult for the American public to find low cost health insurance. Individual health plans require squeaky clean health histories, and rates are increasing at unprecedented percentages annually. In addition, there are many plans and brokers that simply donÂ’t fully disclose plan details to the consumer. This leads to many people listening to what they want to hear and subsequently purchasing health plans without factual knowledge of all benefits and exclusions.
How does the public and the broker community combat these obstacles in order to find low cost health insurance? Following are a few ideas that may lead to a better understanding of whatÂ’s involved in the research and decision process:
•Brokers need to periodically attend training seminars sponsored by their respective health carriers in order to keep abreast of the latest health plans and industry changes.
•Brokers should not only focus on the benefits of the plans but also provide understanding of the major coverage exclusions.
•The consumer should work with a knowledgeable professional who understands the plans he represents and can guide the consumer to the plan that best suits his or her individual needs and budget.
•When researching on the internet, the consumer should be aware that many lead generation sources sell the information to a variety of brokers, and that said consumer may wind up being called by multiple agents selling the same plans.
•In most states, it costs the same for a consumer to work with an independent broker as it does if he or she deals directly with a health insurance carrier. Costs of plans are, in the majority of cases, regulated by state law.
•The consumer should understand four major coverage areas of his or her policy: major medical deductible, coinsurance percentage and maximum, doctor visit copays, and prescription benefits as well as be aware of major policy exclusions.
•Basically, the consumer should discuss his or her needs with a broker or representative with whom they feel comfortable and who will provide coverage details in writing prior to the final decision process.
•Finally, the consumer should stay in touch with their broker and periodically evaluate his or her health plan in order to keep costs under control and/or stay aware of any new plan entries in the marketplace.
Obtaining low cost health insurance is a challenging but necessary function in todayÂ’s society. By forming the right partnership, the consumer and the broker can work together to overcome the obstacles and obtain proper and affordable health coverage.
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