How to Find Affordable Catastrophic Health Insurance Coverage in 5 Easy Steps
January 7, 2011 | In: Health Insurance
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Finding the right catastrophic health insurance coverage at the right price can be difficult. Here are five steps you can take to make sure you find the best plan, at the most affordable price.
Step One:
Decide how much money you can have saved for a major medical event. The higher the deductible you choose, the less expensive your plan will be.
Step Two:
Talk with your current health insurance company. Find out if they have “qualified high deductible health plans” or catastrophic health insurance coverage that is compatible with health savings accounts. Not only will this save you money on your premiums, but it will allow you to pay for many of your medical expenses with pre-tax money.
Step Three:
Find a local independent agent who represents the main insurance companies in your local area. Independent health agents can be a valuable resource because they work with multiple health insurance companies and are familiar with the different plans. Best of all, there’s usually no charge to use an agent.
Step Four:
Request catastrophic health insurance quotes online. Gather plan information and pricing on a variety of plans. It’s a good idea to use a local independent health insurance agent to help you sort through the details. They get paid a commission by the insurance company if you purchase a plan through them. It’s one of the most valuable resources you have when looking for catastrophic health insurance coverage.
Step Five:
When you apply, if the insurer makes you a counter-offer, raises the rate, or denies you or one of your family members, make an appeal. Explain the medical issues they are concerned about in detail. Support your appeal with medical records, doctor’s letters, and any other documentation you have. Let them know that your medical history will not be as big of a problem as they think, and let them know why.
When shopping for catastrophic health insurance coverage make sure the plan you choose has a sufficient lifetime maximum benefit, annual maximum benefit, and an acceptable stop loss (or out-of-pocket maximum) expense.
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