Looking for the fastest way to compare health insurance companies? There are websites dedicated to comparing health insurance plans and providing you with instant quotes. Health insurance quotes give you an idea of what your premium will be. You will get the actual cost and policy details when you finish the application.
Try the FREE ZIP code search tool provided to get several health insurance quotes for your area!
Each state’s Department of Insurance will also provide you with a list of health insurance companies authorized to sell products in your state. These lists will be broken down into the types of policies they can offer, and whether they are group or individual.
You find most states have these lists available online. If not, you can have them mail you a copy. There is a complete list of state Departments of Insurance at the National Association of Insurance Commissioners website.
How do I compare health insurance companies?
When shopping for health insurance, you may become overwhelmed with quotes. Comparison shopping will be your best tool for choosing the right health insurance plan. Do not just compare the premiums- these are only one aspect of the total cost!
What you need to look at when comparing plans are:
- type of plan
- out of pocket costs
Each one of these will give you a better idea of what you are really getting with each health insurance policy.
There are tools designed to help you compare health insurance costs. One is the health insurance calculator provided by Money-Zine. This calculator allows you to enter not only how many times you go to the doctor annually but also co-pays, deductibles, and premiums. This will give you an idea of your total annual cost for a year on each policy.
What are the different types of health insurance plans available?
Understanding the different types of health insurance plans on the market can be a valuable tool for comparison shopping. It can also help you better calculate your out of pocket costs. There are a few different types of standard coverage products as well as specialty plans on the market.
Your standard plans are fee for service and managed care plans. Fee for service plans are pretty straight forward: you will be reimbursed a set price for services and treatments received. You have the flexibility to choose the doctors and specialists you want but these plans typically have higher premiums.
Managed care plans will include PPO, HMO, and POS plans. These plans utilize a network of doctors and health care facilities. These plans tend to be very specific on what provider you can see, and you may need referrals to see specialists. You will find low premiums but may have co-pays and deductibles.
Specialty plans are usually sold as supplemental health insurance policies or riders on a new policy. These policies are designed to fill in gaps in coverage and written for specific treatments or illnesses. Major medical is a common type of supplemental insurance but you can also find things like maternity care policies and cancer policies. These types of policies can save you money if you need them.
Are there fraudulent companies selling health insurance policies?
Insurance fraud happens every day. Health insurance fraud does not just include people making false claims, but also companies who are selling fake insurance, or even legitimate businesses using scare tactics to sell you insurance you do not really need. There are ways to prevent becoming a victim and steps you should take if you are a victim of insurance fraud.
Forbes Magazine published an article that describes several different types of health insurance scams used. These scams included things like discount cards for services and disease policies. Fraudulent companies also targeted associations and religious organizations. Sometimes scams are based off real products which are available, so always investigate the company offering the plan!
The New Jersey Department of Insurance also offers tips on detecting health insurance scams. They advise avoiding companies that require membership fees, and union plans that are being sold by an agent. If a policy is offering better than average coverage at lower than normal premiums it is probably too good to be true.
If you find you have fallen victim to a health insurance scam you need to notify your state’s Department of Insurance. You can also use the fraud reporting system provided by the National Association of Insurance Commissioners.
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