7 Tips for Finding the Best Health Insurance Deals

7 Tips for Finding the Best Health Insurance Deals

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As they say, “knowledge is power”. The information below will help you become a savvy health insurance shopper and find the best policy or policies for you and your family:

Explore your options with an agent who represents several health insurance companies and can help you make comparisons. There is no charge for this service and it can save you a lot of time and aggravation. Once you have educated your agent on your budget, expectations, doctors and preferred hospitals, he/she can advise you on the policies and insurance companies that would best fit your needs.  For quotes from several top insurance companies or additional information, Click Here.

Don’t wait until the last minute to apply for insurance. This is probably the best way to make sure you get the best possible deal. With that passage of the Affordable Care Act you may quality for government help paying for your health insurance policy. You must apply no later than the 15th of the month for a plan with an effective date of the first of the following month.

Understand the following 3 insurance terms and use them to evaluate your choices:
Deductible – Dollar amount of medical expenses you pay before your insurance covers you.

Coinsurance – After the deductible this is the percentage the insurance company must pay.  For example, if your plan is an 80/20 this means the insurance company must pay 80% and you must pay 20%.  It is important to purchase a plan that has a limit on the dollar amount you are required to pay.

Co-payments – Fixed dollar amount you pay for a doctor visit, emergency room visit or a prescription drug.

If you choose a policy with a prescription drug plan make sure it covers the prescription drugs you and your family take.  Also, make sure you understand the deductibles, co-pays and yearly maximums.

If you have children who are 18 or younger and your income for the past year is low, your children may qualify for reduced or free government sponsored health insurance. For additional information contact the NC Division of Medical Assistance at 800-367-2229 or www.nchealthystart.org.

North Carolina State law requires university students to have health insurance. If your children are college students contact their Student Health Services and request information on their student health insurance plans.  Compare the cost of their university plans to your cost of adding them to your policy.

Consider purchasing an IRS-Qualified High Deductible Health Plan (HDHP).

Purchasing one of these policies can reduce your monthly premium by 50% or more.  This is a perfect solution for healthy people who rarely go to the doctor.  These HDHP’s can be paired with a Health Savings Account (HSA) that offers additional savings by reducing your taxable income. Unlike the traditional health insurance plans, the policy holder pays for all medical expenses until he reaches his deductible. Like traditional plans, HDHP’s have a wide range of deductibles, coinsurance options and benefits.  .

 

6 Tips for Choosing the Best Dental Plan

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Dental Insurance in Raleigh, NC

Unlike most people I enjoy going to the dentist. As a child I had a dentist who knew how to entertain his patients while performing dental procedures that were usually painless.  When my dentist retired his son took over the practice and continued the family tradition of making the patients feel at ease.  It’s good that I have always had access to exceptional dental care since I was not blessed with good teeth. My numerous childhood fillings resulted in a lot of crowns and root canals as an adult.

Fortunately my personal experience has helped me understand the important features of good dental plan and how to assist my clients in evaluating these plans. Here is my advice for buying dental insurance:

  1. If you are leaving your current employer and have a dental plan that fits your needs, your best option might be to take the dental part of COBRA.  Even if you do not take the medical part of COBRA, you normally can accept the dental and stay on it for 18months.  The monthly premiums might be lower than your other options.  If you have a child who needs braces and your current plan offers Orthodontia, you should stay on this plan. Dental plans that individuals purchase do not include Orthodontia.
  2. Although most dental plans cover 100% of two cleanings (preventative) per year, some will only cover one or require you to pay a co-pay or percentage. Make sure you understand what you will be required to pay for preventative.
  3. Dental plans usually have  a 6 month waiting period before they cover basic services such as fillings, extractions, oral surgery and root canals. For major services such as crowns and bridges there is often a 12 month waiting period. When you leave a dental plan they provide a Certificate of Coverage showing the start and end dates of your dental coverage. Some dental plans will waive these waiting periods if you can provide a Certificate of Coverage showing that you have not had a break in dental coverage of more than 63 days during the past 18 months.
  4. Check to see if your dentist is in the plan’s network and ask questions about how the plan will pay if you go outside of this network.  Since your dentist will probably not be able to perform all procedures such as root canals and oral surgeries, it is also important to know if specialists such as oral surgeons and endodontists are in the network in your area.
  5. Understand the cancellation policies and initial enrollment fees of all the plans you consider.  Initial enrollment fees and a 12 month requirement to remain on the plan are not a problem if you are a retiree or self employed individual who expects to be on the dental plan for a long period.  However, if you are currently unemployed, but expect to be employed within a few months in a job that provides dental benefits this could be a problem.
  6. When you do your cost comparison don’t just consider the monthly premiums. Also compare deductibles, yearly maximums and percentages that each plan pays for various procedures. Some plans will increase your yearly maximum if you remain on the policy a specific number of years.