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Ten Tips for Replacing Health Coverage
By: Tony Novak
Changing health
insurance is a ritual part of changing jobs, graduating from
school or starting your own business. Fortunately it is now a lot
easier and less expensive than in the past. Medsave.com is the nation’s
largest online benefits enrollment service that offers this type
of fast, affordable and reliable coverage nationally with policies
issued within one business day. These tips will help you find the
best value:
1. Do not try to your change insurance plan
if you have a serious medical condition. Instead, contact your current
insurer directly to ask about continuation of coverage options.
Insurance services like Medsave.com are designed to provide insurance
only for unknown future medical problems. These services do not
help people with current medical problems. If you have medical conditions
and absolutely must change health plans, switch to an HMO (these
are not handled by Medsave.com)..
2. Think short term. Most people who buy
their own health insurance change their coverage in less than a
year. Buy the plan that offers you the best deal now without concern
for whether it will be available in a year. Next year an entirely
new generation of health plans will be available. A plan that you
bought more than a year ago would not likely represent the best
value for you today. Use short-term medical insurance plans, student
medical plans or foreign travel insurance plans if you qualify.
These offer better deals if you qualify.
3. Choose a higher deductible. By taking
a $1000 deductible, you will save more than $1000 in premium payments
over a year's time. This should be an easy decision from a mathematical
viewpoint. Some young people can buy a high deductible insurance
plan for less than $30 per month to cover any serious medical issues.
4. Use free enrollment offers. With an increasing
number of plans now charging an up-front enrollment fee, look for
deals to save the enrollment fee whenever possible. Medsave.com
pays the enrollment fee for anyone switching from a short term to
a permanent insurance plan.
5. Choose indemnity type coverage and avoid
HMOs whenever possible. This lets you and your doctor maintain control
of your medical care. There are no “networks”; you choose
your own doctor and hospital and are free to switch at any time.
There are no limits on travel, since this type of coverage is equally
valid everywhere in the country.
6. Take a separate plan if you travel outside
the U.S. Most U.S. plans provide weak foreign travel benefits and
most worldwide plans provide weak coverage in the U.S. SO it is
best to carry separate plans tailored to your travel schedule.
7. Be aware of state issues. Each state controls
its own health insurance laws.
Four states – MA, NJ, NY and VT – make it nearly impossible
for its individual citizens to buy affordable health insurance.
The only legal way around this problem is to take out coverage while
living temporarily outside these states.
8. Pay for 3 months of longer. You can save
money by paying for more than one month at a time. Since most plans
accept credit cards, it even makes financial sense to “charge
it” at a lower premium rate and then pay off your own credit
card over a few months. The premium discount will usually be lower
than the credit card finance charges.
9. Avoid the lesser-known insurance plans.
Health insurance premium rates
are based directly on the benefits that the insurer pays out to
policyholders. It makes no sense to enroll into a plan where there
is a known issue of claims problems in order to find lower premium
rates. Fortunately, the market share leaders maintain an excellent
reputation for claims handling. Stick to these market share leaders.
10. Use a medical savings account. If you
could benefit from making your medical expenses fully tax-deductible,
open a medical savings account. There are no account fees or charges
for those who qualify for this plan.
You can find more Health
Insurance Information here
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