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How can I save money with a health insurance comparison?

calculator for saving money on health insurance comparisonsA health insurance comparison is the easiest, and probably best, way to save money on your health insurance policy. By using a website such as this one, which allows you to compare health insurance quotes from insurance providers who sell policies in your area, you can easily see what’s the best rate for the type of policy you want.

See for yourself by typing your zip code above and then comparing health insurance quotes right now!

You can also make a comparison of health insurance using just one company’s plans, and then comparing their coverage side-by-side. The best way to do that is to go directly to the company’s website and then compare the policies they offer. You will probably have to enter some minimal personal information, such as your:

  • Gender
  • Age
  • Smoking history
  • Medical conditions
  • Prescriptions

Not all companies do business in all areas of the U.S., so your best course of action is to enter your zip code here first, look at the rates of the companies that do business in your town or county, and then hone in on a particular company. Go to that company’s website to further tailor your search, and find out more about their different health insurance plans.

What should I be comparing when looking to save money on health insurance?

If you’re trying to decide between health insurance companies, you’re obviously going to narrow them down first by the quotes you’re given on this site or theirs. However, it’s very important to make sure you’re comparing apples to apples: That is, that you’re actually comparing the same type of plans for each company.

If you’re comparing plans from the same company, you’ll need to look at the details to really, accurately get a fair picture of each one’s costs. Grab a pencil and paper and write down the numbers for each one. Look not just at their rates, or premiums, each month, look also at any co-pays, deductibles, and annual thresholds (maximums) for benefits. Check the fine print to see how much you might have to spend before insurance coverage kicks in.

Be sure to look at the rules for specialist referrals. If you have to get a referral by first visiting your primary provider, then you’ll have to factor in the cost of that visit to the primary provider, as well as any co-pay due to the specialist.

Find out if you have to stay in-network in order to be reimbursed for fees, and whether if you do see a doctor who is not in-network, you are reimbursed at all. Most plans will reimburse out-of-network fees, but not at 100%. If one plan pays back 50% and another pays back 80%, you’ll obviously have to consider that fact closely.

If you plan to purchase health insurance coverage for your family, see if it’s more economical to purchase a family policy, or to purchase separate individual policies. While it’s usually better to get a family policy, if one family member has a pre-existing medical condition, it might be cheaper to buy them their own individual policy and then insure the rest of the family on a family plan.

Should I do my health insurance comparison online or with an insurance agent?

It’s all a matter of your comfort level when it comes to making this decision. Some people are very comfortable navigating the Internet and doing their research online. If you’re one of these people, then you should be able to do most of your health insurance comparisons online through this site and individual insurance company sites.

If you prefer speaking to a representative who does the research for you and can explain the differences between plans to you without you have to do the legwork, then you should absolutely talk to an insurance agent. Your best bet is to reach out to a local independent insurance agent, who will be able to tell you about plans from several different health insurance companies and find you the best one to fit your needs.

If, however, you have your heart set on a particular insurance company because you’ve heard good things about it or had a good experience with it in the past, then definitely call and speak to a representative from that company. Like the independent agent, they will be able to find a policy that best fits your needs, based on the information you provide.

How do I know whether a health insurance company is a reputable one?

There are many online sources to find out whether a health insurance company is a good one to go with, before you purchase a policy. A.M. Best Company is a company that rates insurance companies according to their financial and credit rating strengths. The Best rating is a good indicator that tells you whether the company will be able to pay any bills you submit currently, and in the future.

You can also check out the company with J.D. Power & Associates, which uses customer surveys to award top companies that stand out in customer satisfaction. There is also always the Better Business Bureau branch in the city where the insurance company is based. Although the company might not be accredited, the BBB usually has a grade assigned to the insurance company according to any complaints that have been filed in the last three years.

Remember that more people tend to write criticism online than compliments. So, while you should take into account any statements from people who have been unhappy with a health insurance provider, you should also check the more reputable sources noted above.

Ready to go shopping for health insurance rates? Type your ZIP below and let’s get started!