There are a number of health insurance companies but some of the most popular ones are Humana, United Healthcare, Aetna, Blue Cross Blue Shield, and CIGNA. Keep in mind that although these companies are popular ones it does not necessarily mean that they are the best companies for your needs.
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Health insurance can be very confusing because there are a lot of factors that go into choosing a plan. There are a number of things that you need to decide and choose between when you are comparing different health insurance companies.
What are some terms to be aware of when looking at health plans?
When you are comparing coverage plans from health insurance companies you may notice that there are a lot of terms listed. In order to get the best coverage it is important to understand what these terms mean.
- The health insurance deductible refers to the amount of money that you pay out of your own pocket before the insurance company will start paying. The deductible is something that you usually get to decide.
- The copayment refers to the amount that you pay after the deductible is met for a prescription or health service before the company starts paying. Coinsurance is the percentage of the expense that you are responsible for.
- Coverage limits refers to the dollar amount that the plan covers. After this amount is reached you are responsible for the rest of the expenses.
- Out of pocket maximum refers to the maximum amount that you have to pay out of your own pocket. Once this amount is reached the insurance company is responsible for covering the rest of the covered costs.
- Exclusions are services that the insurance plan does not cover. These expenses are your responsibility.The premium is the amount that you pay to keep your insurance coverage plan in place. This may be paid on an annual basis, quarterly, or monthly.
For more information about health insurance and its terms you can visit the website for the Insurance Information Institute.
What are some important things to find out when searching for a health insurance company?
Because health insurance can be so complicated, there are certain things that you want to be aware of when looking for a health insurance company. One of the most important things you should do is research the company. Look the credit ranking of the health insurance company. This can be found at A.M. Best and other independent websites.
The A.M. Best site lists financial ratings of the company and what the outlook is for its future. You should look for a health insurance company that has a rating of A or better and whose outlook is stable.
When your agent or the company’s representative is going over the policy ask as many questions as you can. Make sure you understand exactly what is covered under the policy.
The last thing you want to do is to file a claim for something that you think is covered only to find out that you are 100% financially responsible because it was excluded from your plan. Be clear about what your responsibility will be for office visits, including wellness visits.
Some companies offer one wellness visit every year that is allowed before the deductible. For other companies a wellness visit is subject to the deductible like regular office visits.
Understand what your deductible and/or coinsurance is so that you know what to expect. Ask about prescriptions and which ones are covered under your plan. Some companies offer a separate prescription plan from its basic medical plan.
What should you do if you are not happy with your health insurance company?
If you are not happy with your current health insurance company or choose a company that you are not satisfied with, the best thing to do is shop for a new company. Whether it is more coverage or cheaper premiums that you are looking for, there are a variety of health insurance companies out there that can help you with your needs.
You can ask your friends and family if they are happy with the company they are with or you can do your own search. The easiest way to do a search is online.
You can easily and quickly search for online health insurance right now just by filling in your ZIP code in the box provided!