IMPORTANT QUESTIONS TO ASK BEFORE YOU PURCHASE HEALTH BENEFITS
When purchasing health insurance, is important to ask your insurance agent or consultant the right questions to make sure that you understand what your health plan does and does not cover. Read all of the "fine print" in your health plan brochure. When you receive your policy, take time to read through your policy. You usually have a 10-day free look period.
In order to make an educated decision, we have provided a list of ten important questions you should ask your Insurance Agent, Broker, or Consultant BEFORE deciding to purchase health insurance.
4What insurance companies do you represent?
n We have the largest selection of insurance plans available anywhere. We represent all the top insurance carriers. We will compare the plans for you and find the best match.
4Are you a Captive Agent or Independent Agent/Broker/Consultant?
n A Captive Agent usually represents ONE insurance company and can usually only sell that company's insurance products. An Independent Agent or Insurance Broker usually represents many insurance carriers and can sell a variety of insurance products. We are an Independent Consultant.
4What is the plan calendar year deductible?
n Most health plans have a per person calendar year deductible. Typically, they range from $250, $500, $1,000, or $2,500.
4Will I have to pay a separate deductible for each family member if everyone in my family became ill at the same time?
n Some plans will only require you to pay a two person maximum deductible each calendar year, even if everyone in your family needed extensive medical care.
4What is the plan's maximum out of pocket expenses per year?
n This expense is a total of all deductibles plus all coinsurance percentages plus all applicable "access fees" or other fees.
4What is the plan's coinsurance percentage and what dollar amount is this percentage based on?
n A plan with 80/20 coverage means you pay 20% of some dollar amount. This dollar amount is also known as a stop loss and can vary based on the type of policy purchased. Stop loss can be as little as $5,000 or as much as $20,000. Some policies have NO stop loss.
4What is lifetime maximum benefit if I have a serious illness?
n One of the provisions of the health care reform bill that goes into effect immediately is the removal of lifetime caps on insurance. Many don't pay attention to these existing caps -- which range from $1 million to $8 million -- but they can be devastating to the few who reach them and lose coverage during a catastrophic or chronic illness. By 2014 no annual limits will be allowed.
4Does the plan have unlimited doctor co-pays or is there a limited number of doctor co-pay visits per year?
n Many plans have a limit of how many times you can go to the doctor per year for a co-pay. Usually the limit is 2-4 visits.
4Does the plan offer prescription drug coverage?
n Some plans offer prescription benefits immediately. Other plans require you to pay a separate drug deductible before you can receive prescription medication for a co-pay. Today, many plans offer no outpatient prescription drug co-pay options and only provide you with a discount prescription card that gives you a 10-20% discount on all prescription medications.
4What if I have questions about my policy plan or a medical bill that is not processed?
n HISI is your insurance advocate and partner. Our staff will get answers for questions you may have about coverage or benefits. We will not redirect you to the insurance carrier. We will get the information you need. You will speak to a live person and after hours we have a toll-free hotline that is active 24/7.
Health Insurance Solutions is committed to assisting you with your health insurance choices by simplifying the decision-making process, explaining your options in simple understandable terms, and providing exceptional service to your account long after you have chosen your plan.