Compare Health Insurance Plans

By: EconomyWatch Content   Date: 24 February 2010

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As is the case with shopping for any product, consumers should compare health insurance plans extensively. In an industry where even a slight difference could translate into cost advantages or vice-versa, studying the fine print of these insurance plans is imperative. It becomes even more important as insurance issuers look for reasons to deny the coverage.  

To compare health insurance plans, consumers should focus on the amount of the deductibles, premium, coverage and the way these plans acknowledge pre-existing diseases. Remember, a slight difference, such as the exclusion of few chronic conditions may defeat the purpose of these insurance plans; so ensure to go through the fine prints to avoid financial setbacks.

Compare Health insurance Plans as well the Issuers

Before moving on to the products, study the stability of the insurance issuers. You don’t want to be insured by a company, which itself is not stable. Study every company as per the mentioned factors:

  • Does the company allow its consumers to switch physicians as and when needed?

  • Does the company review the doctors before including them in the network?

  • How quickly does the company respond to these queries?

  • How positive is the customer feedback?

  • How good is the financial rating issued by third party agencies?

  • Are they licensed or not?

Once you have identified a few stable companies, move on to their products and start comparing the health insurance plans on the basis of their coverage. Call their customer service for clarifications.

It is also a good idea to study the exact requirements of your health insurance plan. A college student may not require a comprehensive coverage as college health centers facilitate the basis medical assistance. For him, a supplementing insurance that covers him for bigger risks may be the right option. Assess your budget as well at the time of shopping for health insurance plans.

Other crucial factors to compare health insurance plans are the cost-out-of-pocket and co-payments. A huge payment before the providers offer you the coverage or a larger ratio of payments at the time of medical bills may be of little help for people with tight budgets.

Similarly a small network of doctors and medical facilities may also translate into more out of the network referrals and thus may turn expensive for the consumers. It becomes essential to compare health insurance plans on the aforementioned factors and minimize the risk of set backs.


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