subject: mistakes: America's Health Brokers/National Union Ins - for real? [print this page] Our country is in the middle of a recessionOur country is in the middle of a recession. With this in mind, some individuals are sacrificing by cutting back financially towards necessities such as health insurance coverage. This is a decision that can backfire by developing into bankruptcy. Fortunately, there are some individuals that are aware of the harms that cutting back from insurance can lead to. Most individuals have been looking at new alternatives for finding affordable health insurance. Such as researching online or joining group plans. While people are making the wise decision to start searching for new affordable medical insurance policies, there are still some blindsided mistakes that are being made when finding a new affordable health plan. The following mistakes are the most common errors that insurance shoppers create. Choosing a health plan because of a low premium, ignoring alternatives to Cobra and allowing premiums to be the focal point of a decision.
These three examples are common problems that most people create when finding an affordable health plan.
Skimping on coverage limits is probably the worst decision the insurance shoppers make when looking for new health plans. This is the most pricy mistake that an individual can make. Some policies look attractive because they have low deductibles and premiums. But in the long run, policies that only cover fifty thousand dollars, can leave a person having to pay a lot of out-of-pocket expenses. A good way to lower your premium is to buy a high deductible policy with a coverage limit of at least one million dollars.
Another mistake that some people make when shopping for medical insurance is not looking for other options to COBRA. COBRA is the federal law that allows an individual to continue their health coverage under your former employer's health plan for up to eighteen months. After the plan ends, the individual must pay out of pocket expenses. Individuals that are healthy should find a better deal on their own by researching online or by finding a local agent through the National Association of health Underwriters.
Focusing on the premium alone is not the right way to shop for insurance. A high premium policy with low-co-payments usually ends up as a better deal than a lower premium policy. Focusing on policies that have a higher coverage limit such as one million or more is usually the safe way to go towards saving money for the long run. A maximum benefit that is one hundred thousand or less may not last for an individual that is diagnosed with a serious illness or disease.
Skipping out on health insurance can turn out to be a dangerous financial decision. With the state of today's economy, letting go of health coverage is a sacrifice that some individuals are making. However, there are still a growing number of individuals that are seeking an alternative route in order to continue to receive health coverage. But even through this smart decision, some individuals are making crucial mistakes. Mistakes such as skimping on coverage limits, not searching for outside options to COBRA and focusing on only low cost premiums are against smart financial decisions.
