While the debate on health care reform continues, the annual renewal period for health insurance policies is quickly upon us. Whether you have an individual, private plan or are covered by your employer’s insurer, this post applies to you.
This weekend the NY Times published an excellent article outlining the considerations insureds must make when renewing or purchasing a new health insurance policy. In addition to the article’s points, you should also:
1. Closely read the terms of the policy. Just like with any contract you sign, you should always read the fine print and terms and conditions (no matter how burdensome) before signing.
2. Ask questions. If you do not understand a term or condition or policy’s exclusion (e.g. pre-existing condition exclusion), don’t hesitate to say so and to ask for a layperson’s explanation from the insurance company. Some health insurance policies are written so vaguely that even lawyers struggle to interpret them and therefore leave it up to the courts to do so!
3. Consider your finances and your current health. If you have some health issues, can you afford a higher monthly premium with a lower deductible? If you are young and generally in good health, perhaps a high deductible is OK.
4. “Preferred provider” network? If you are switching insurance companies, look to see if your general practitioner (GP) and other doctors are in the “preferred provider” network of the new insurer. Unfortunately many insureds overlook this issue, and then must find a new general practitioner or pay more out-of-pocket simply to see their current GP.
5. Comparison shopping. Use an online comparison agent, like esurance.com, to assist in your selection by comparing coverages, premiums and deductibles.
Ms. Filutowski has a track record of recovering over $3.0 million dollars for her clients through negotiations, arbitrations, mediations and trial.
