Once you have faced a situation where you are denied health covers because you had a pre existing health condition, you know how difficult it may be to secure coverage that is both affordable and suitable for you. Follow the tips below to find a cover that is just right for you.
- Take a look at the states pools: most of the states in the country offer high risk pools to people who are unable to afford healthcare because of a pre existing condition. These are private and self funded organizations of the state. They are either a part of the state insurance department or a separate organization.
- Be prepared to prove your residence in the state concerned and also that you have been denied covers by a private carrier.
- Be prepared to pay more. Normally, high risk pools charge much more than a private plan with similar covers. But you can chose from a variety of plans to maximize your benefits. Try to opt for a HMO or PPO plan. It always costs less than the traditional plans. Also, try to go for a policy with the highest deductibles and co pays you can afford.
- Identifying an affordable high risk health insurance plan: you can always go for a high risk policy through insurance agents or through the state. However, perhaps the best way to identify a plan is to go the websites which allows you a comparative analysis of various plans. You can avail of competitive quotes from different companies and find one you can afford. Look up toll free numbers and online chat options so that you can get your advice directly from experts.
- Identify how much risk you can take. If you can squeeze in more in deductibles, you will save on premiums on a monthly basis.
- Think about the monthly premiums you can afford. It is best to go for a conservative guess. Since this is a high risk group, laws are very strict. If you default on your premiums, you no longer have covers. So, opt for a plan and premium you are comfortable with now.
- Your capacity to save should also be considered before you opt for a plan. If you have trouble saving, you may want to opt for a plan with lesser deductibles. You might also need an emergency fund so that an unexpected illness does not get you down.
- The reputation of the insurance company is also important. It is normal for every company to have disgruntled customers. But you might want to go for a reputable carrier. As a high risk pool member, your choice of carriers is limited.
- Consider the tax implications also. Go for plans which offer you a health savings account advantage. This way, depending on your tax situation, you save on taxes.
- If you opt for a plan with maternity care choices, try to pay for it in cash. This is because people who buy these riders in a high risk group are usually the most likely to use it. For this reason, the rates for these facilities are usually much higher.
- In conclusion, look for limitations imposed by the plans. Look at the maximum limits clause with attention. Also look at the lifetime benefits clause. If the maximums are too low, you have to bear the health costs beyond it.