health insurance policy

Are you paying too much for your health insurance? If you have had the same health insurance policy for a couple of years, the chances that you are paying too much are very likely. It’s a known fact that your health insurance premium is going to increase 5-10% every year. But when was the last time you had a health insurance review done? If your health insurance plan is 2 years old or older, then you could be paying way too much for your health insurance. Consumers who purchase their health insurance on an individual basis may not realize that they are paying too much for their health insurance.

Health insurance companies generally guarantee their rates for one year after you purchase a policy from them. It’s a sure bet that after that initial rate guarantee period is over that your health insurance premium is going to increase. It is generally good practice to complete a health insurance review every year before you renew your current policy. Health insurance plans change all the time. Health Insurance companies are adding new plans to their portfolio and taking old ones off.

What does this mean for you?

If your current health insurance plan is no longer being marketed and sold by your insurance company, then your premium could be higher than what you could be paying if you were on a newer plan. Yearly Insurance reviews for your Health Insurance are a good idea. Talk to your agent to find out if there are newer plans available that cost less money.

As a broker I see this happening everyday. I have a client who was insured through Company A. Well during the year Company A decided not to market the plan that my client a part of. They were introducing a new plan that they intended to market instead of the old one. Well when my clients’ annual renewal came around, he received notice that his insurance premium was going to go up 25%. He immediately called me and we were able to get him a more comprehensive plan for less money than he was paying for the old plan.

Make sure you do a YEARLY Review. This will insure that you stay up to date with the health insurance market. Most health insurance plans have a 12 month initial rate guarantee. After that initial time period your rates are subject to increase or decrease depending on the age class that you are in. If you do not have an agent or don’t know where to find one, then you can use a great service that I recommend:

AffordableHealthInsurance4me.com

If you decide to apply for a different insurance plan, DO NOT CANCEL your existing coverage until the new plan is in place. canceling your existing coverage before the new coverage in place could be disastrous for you if you don’t qualify medically for the new plan. For example: If you cancel your current coverage and try to purchase new coverage and you aren’t accepted, then you will be up a creek without a paddle because you may not be able to get your old policy back. You would have to be re-underwritten to get your old plan back. So I repeat…DO NOT CANCEL your existing coverage until the new plan is in place.

Affordable Health Insurance 4 Me is an outstanding service for checking out comprehensive health insurance quotes. You can get competitors quotes within minutes giving you the ability to shop for your health insurance in one place.

Richard Warren is an independent state licensed Insurance Broker in the state of Michigan. His company Warren Financial Center, Inc. has been in business in the Ann Arbor, MI area since 2006. WFC, Inc. specializes in finding affordable insurance solutions for individuals, families, small businesses, and the self employed. WFC represents the top insurance carriers available in the state of Michigan to ensure that our clients are getting the top notch products available in the marketplace. You can rest assured that when you have Warren Financial Center, Inc. as your insurance agency, you will have the best of the best working for you.

If you would like more information about Warren Financial Center, Inc. please visit our website: http://www.warrenfinancialcenter.com

A recent news article explained that approximately one in five working Californians has health insurance. If that statistic is true, there are many California residents that lack health coverage. If your employer does not offer a health plan, there are affordable alternatives at your fingertips. Securing health insurance is a few mouse-clicks away.

What are some things you should consider when you’re looking for health insurance?

Remember that insurance is all about risk. You will automatically pay less for health insurance if you are healthy and take care of yourself because you are less of a risk to the insurance company. In other words, exercise, eat healthy and stop smoking. Most insurance companies will automatically give non-smokers a non-smoking discount.

Keep in mind that you will have to pay portions of some health and medical services out-of-pocket. Most health insurance plans require a deductible or copayment of some kind. You might have to pay $15 to visit your general practitioner for the sniffles or $40 for a trip to the emergency room. Your deductible is the amount of medical costs you pay out-of-pocket before your health insurance company starts paying. So, if your deductible is $625 per year, you will have to pay for your first $625 in medical/health bills – before your coverage begins.

What items and coverages should you keep an eye out for when you’re shopping for your health insurance policy?

– outpatient surgery

– inpatient hospital services

– prescription drugs

– mental health care

– office visits

– physical therapy

– medical testing

– rehabilitation care

In the end, your health insurance goal should be to protect yourself financially in the event of serious catastrophes. The best way to secure cheap health insurance is to live a healthy lifestyle. Another way to save money each month is to pay large deductibles and pay minimal fees out-of-pocket.

Other questions to ask your health insurance provider…

– How much will you have to pay for your monthly premium?

– How much will you have to pay out-of-pocket before your insurance coverage begins?

– Are the health facilities and medical providers you use in the insurance company’s network?

– Does the plan cover any pre-existing medical conditions?

– Does the plan include maternity costs?

– Is it easy to change primary care providers if you want to?

Governor Schwarzenegger might be proposing a universal health insurance plan for California, but affordable health insurance can be a mouse click away if consumers know where to look and what questions to ask.

HometownQuotes provides a quick and easy way for consumers to compare multiple insurance quotes. To learn more, visit http://www.hometownquotes.com

*Please note that this article is not a professional consultation. This article is for general information only. Always seek specific information from a licensed insurance professional.*

HometownQuotes, a Franklin, Tennessee company, provides a quick and easy way for consumers to compare multiple insurance quotes. To learn more, visit http://www.hometownquotes.com. View additional insurance articles at Hometown Quotes!

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