Health Insurance Agency

By: EconomyWatch Content   Date: 15 February 2010

About The Author

EconomyWatch Content

Follow The Money

EconomyWatch, Content Team

 

  • Dot Div
  •      

With a plethora of insurance packages available, picking the best health insurance becomes quite a task. Though it is advisable to learn the finer details of the insurance to find the best deal, the fact remains that no one has the time. Besides, situations of medical emergencies may not allow such flexibilities. Therefore, it is considered best to contact a health insurance agency, which by the virtue of their profession, tries to find the best and the most attractive insurance deals.

Agents and Health Insurance Agency

Health insurance agencies make money through commissions. Therefore, they map your requirements and identify the most befitting plans.

However, it is important that you inquire about their license and authenticity. You may come across many proxy agencies that collect leads or agents that have tie ups with multiple agencies.

Before approaching a health insurance agency, it is important to abreast yourself with the terms that are commonly used for insurance products; such as:

·        Deductible: This is the amount of money that one must pay towards covered expenses so that the remaining is paid by the plan.

·        Office co-pay: It is a benefit that allows the insured person to pay a fixed dollar amount for eligible in-network physicians.

·        Coinsurance percentage: This is the amount of covered amount that the insured person pays after the deductible. For example, 75% coinsurance percentage means that after paying the deducible, the insurer pays 75% of covered expenses and the rest 25% is paid by the insured person.

·        Out-of-pocket: This amount is the total cost of insurance, along with co-payments. As per the convention, once the out-of-pocket maximum is paid or met, the rest amount is paid by the insurer.

·        Lifetime maximum: This is the total amount of coverage expressed, in terms of money, which an insurer pays through the lifetime of the insurance.

·        Annual maximum: This amount reflects the maximum amount of benefits offered per year. The out-of-pocket expense, though, must be met before the full benefits are dispensed.

While approaching a health insurance agency, ensure that you express your budget as well as the needs clearly. Mention the pre-existing conditions and other medical conditions that you are prone to. All this information helps the health insurance agency to identify the best health insurance plan for you.


  • Dot Div
  •      

Most Popular in Health Insurance

Related Links
blog comments powered by Disqus