Guide to Family Health Insurance
Redlands, CA (Vocus) December 16, 2008 –
In this tough economy many Americans are losing their jobs and are facing the unpleasant task of looking at alternative health insurance options. Not only can the loss of income be a serious financial challenge for most individuals and families, the loss of health care benefits can be devastating. Even in the midst of the mortgage and banking crisis, medical bills remain the leading cause of bankruptcy filings. Most financial analysts agree that in order to survive these tough economic times, maintaining health insurance coverage is crucial and should be a top ranking necessity just below the need for housing and food.
Many individuals only look at their current medical expenses to determine if they can do without health insurance and choose to take the risk that they will not need hospitalization or incur greater medical expenses. With an average hospital stay exceeding $4,000 a day, not having health insurance present a big risk of financial catastrophe. A $50,000 emergency savings account that took years of discipline to grow would be wiped out in less than 2 weeks. Even a low cost major medical plan with a $10,000 coinsurance maximum would be a financial savior in this situation.
However, this is easier said than done. For many people that have recently lost their jobs, paying health insurance premiums becomes virtually impossible, because they are forced to pay the COBRA premiums if they wish to continue coverage under their previous group health insurance plan. COBRA premiums can be very high and impossible to afford by individuals or families without enough emergency savings. When faced with this dilemma, it is more important than ever to get professional advice in understanding your options. If you have been insured under your employer’s group health plan, knowing where to go for personal health insurance guidance can be intimidating. How do you know if you are getting good advice or just a “pitch” from an insurance agent trying to make the sale? How do you know which health insurance option is best for you and your family based on your financial situation?
A good place to start is by taking 30 minutes to read the “Guide to Family Health Insurance” found on http://www.healthinsurancefinders.com. Here you will learn about the different options available to you and all of the things you need to consider in reviewing these options. Once you have attained the basic knowledge provided in this guide, you need to seek the assistance of a licensed health insurance professional in your state who can provide you with further guidance and walk you through a plan comparison process. Speaking with a few different insurance brokers, and choosing the one with whom you are most comfortable with is highly recommended. One of the first things you need to discuss with an insurance broker is your current eligibility status. All insurance companies have health underwriting guidelines of whom they will insure or not, and a knowledgeable broker is familiar with these guidelines.
If you have any existing or recent health concerns, regardless of how minor, this should be the very first thing to discuss with your insurance broker. Your plan options and rate quotes are irrelevant if you are classified as uninsurable. Pre-existing medical conditions, as well as smoking and being overweight, can also affect the rates that are quoted to you. So, be honest, since the truth is likely to surface during the insurance company’s application review process. The last thing you want to do is acquire health insurance through a falsified application. Insurance companies have the resources to determine if your medical condition existed prior to applying and can deny claims or cancel your insurance policy as a result.
If your insurance broker informs you that you are uninsurable, speak with at least two or more brokers to see if they might represent an insurance company with looser guidelines. Be cautious of “discount” health plans. These are not insurance policies and will provide you little or no protection in the event of a major medical claim. These plans are often disguised as “health insurance”, so you receive information on a plan that seems “too good to be true”, be diligent about verifying this coverage with your State Department of Insurance before purchasing.
HealthInsuranceFinders.com (http://www.HealthInsuranceFinders.com) offers free services to provide you further assistance in your search for health insurance, including a health insurance agent directory for finding an agent in your state, a Guide to Choosing and Using a Health Plan, information on government sponsored health plans, an advice forum, links to state resources, State and Federal COBRA regulations, information on Children’s Health Insurance Programs, a glossary of health insurance terms, and much more. HealthInsuranceFinders.com is a division of HealthCare.com, Inc., an online health vertical search company focused on helping users make informed health care decisions. HealthCare.com is headquartered in Miami, FL with additional offices in Redlands, CA. For additional information, please visit http://www.healthcare.com
The content of this article is provided for informational purposes only. This advice is not intended to constitute or be a substitute for professional advice, whether legal, medical, financial or otherwise. You should always seek the advice of a licensed insurance agent, physician, attorney, or other qualified professionals with any questions you may have regarding insurance laws, medical conditions, treatment options or any other questions related to insurance coverage, medical, health or legal matters. HealthinsuranceFinders.com & HealthCare.com, Inc., are not responsible or liable for any consequences relating directly or indirectly to any action or inaction you take based on the information provided on this release and websites. The HealthInsuranceFinders.com & HealthCare.com websites and contents therein are provided by HealthinsuranceFinders.com & HealthCare.com "AS IS" without warranty of any kind, either express, implied, statutory or otherwise, including, but not limited to, the implied warranties of title, non-infringement, merchantability or fitness for a particular purpose. Without limiting the foregoing, HealthinsuranceFinders.com & HealthCare.com make no representations or warranties about the accuracy, reliability, completeness or timeliness of the content provided on the Website, content or press releases.