Taking Informed decisions where Insurance is concerned

Posted by Admin \ Dec 06, 2020

When you seek information on insurance plans, the plethora of options and the terminology used can be confusing and tiring to read through. The task gets worse when you are quitting your job or have lost your job and no longer enjoy coverage from your employer. To cough up steep monthly payments, deductibles that rip your wallet and the benefits basket seeming like they are doling out a pittance makes it a tedious job.

The array of choices for an Individual Health Insurance Plan – not all of them good- stumps you further. Agents may sugarcoat cheap insurance covers, but what is the point of a health cover if it does not adequately cover the costs when most needed?

Taking and informed decision that your pocket can afford is the first step. Take your time in examining all the different plans.

Most private plans are underwritten taking age, weight, smoking status and health history into consideration. But the Benefits of buying individual health insurance plans are far greater as most states in the US regulate health insurance and insist that all insurers should compulsorily be covered no matter what their age and health condition is. If individuals have the option to sign up for COBRA then that is the best solution. COBRA is a federal law that requires certain employers to provide former employees with the option to purchase health insurance.

Keep these plans going for at least 18 months and then shop around for other plans.

Once you have chosen the health cover, keeping the premiums manageable is the next step this can be done by increasing your deductibles. For example buying family health Insurance say for a family of four, where the premium is $636 and the deductible is $250. By raising the deductible to $1750 then you can reduce your premium to $415. Though buying insurance may feel like a tiresome job, nothing is more valuable in life than good health.

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