Anyone shopping for health insurance will soon find there are a whole lot of insurance companies out there that offer coverage. Sorting out health insurance companies to find the best possible coverage for the most reasonable rates can be the real trick in locating a good policy. It can, however, be done.
Those looking for coverage for themselves, their families or even their employees will need to take the task very seriously. It will take some time, but the investment of a few hours or even a few days can result in a policy that does what it's supposed to when it's needed. Slacking on the job can result in some major problems down the road.
Examining health insurance companies to find the best will require looking at:
- Policy options. This, of course, is a given. The types of policies offered, what they cover and what they don't can very often separate the best from the worst quite quickly. Whether it's individual coverage or family coverage required, most people want to get the best bang for their buck.
- Pricing. To go along with that bang for the buck, the money out of pocket is a very big factor in choosing an insurance company. Things to look at here include such issues as premiums, deductibles and total out of pocket expenses that could be associated with a medical incident arising.
- Drug coverage. This might not always be a concern, but if illness strikes or maintenance medications are needed, it can become one fast. Many major medical insurance companies offer some form of drug coverage to go along with their plans.
- Doctor preference. It is a very good idea, if possible, to check with current doctors to get their input about potential insurance companies. The best priced plan might not seem like that if a favorite doctor isn't covered. Doctors can also generally offer some great insight about who pays their bills on time and who doesn't.
- Hospital coverage. It is very important to find out if different health insurance companies cover the hospitals and other medical facilities in the geographic area where the coverage is needed. If they don't, their plans are likely not worth looking at. Some of the lesser known companies might not have medical participants in all areas.
- Overall reputation. If at all possible, this is also worth checking into. Even if doctors and hospitals are covered, if a lot of clients have had problems with the companies in the past, they might be worth steering clear of. It will be virtually impossible to find an insurance company that every customer gives high marks, but those who have numerous and repeat complaints should raise a red flag.
By Samantha Kay