5 Common Mistakes People Make When Purchasing Health Insurance

Health insurance is more confusing today than it ever was.

          As an agent, I get non-client calls throughout the year asking about changing plans, modifying existing plans  or canceling all together. The one question I always ask is, "Did you have an agent help you?" Needless to say most of the answers were "No". That is not surprising given the fact that Healthcare.gov is available to anyone.  Not that's an issue in my book, but it does create the impression that shopping for health insurance is an easy process. If it were easy to find the right health insurance, I would be out of business.  On the contrary, I'm busier than I have ever been before.

Here are the 5 most common mistakes that are made when shopping for health insurance...

1. By-passing professional  help (licensed agent/broker)

Since the ACA there have been the creation of Navigators and CPC's (certified plan counselors). A misconception is that agents/brokers cost money to use. That is a big huge "NO"! Agents/Broker services are no cost to you. Were not mechanics or plumbers. The difference between agents/brokers and navigators/CPC's is, Agent/Brokers have more training, states licensed, state tested, appointed with each individual insurance company they offer, and, have a vested obligation with each of their clients. Agent/Brokers run their business on this standard and they're there to make sure you fully covered.  They have fiduciary responsibly to make sure to ask all the questions they can to find the plan that best fits your need. They help you enroll and are a great resource if you have any questions.

Ask yourself, would you see a certified doctor or licensed doctor? 

Do yourself a huge favor, don't skip professional help. 

2. Shopping by price, not benefits.

 Today's insurance marketing seem to largely focus on price.  How cheap can I get a plan. The problem with that is, yes, it may be cheap, but what does it cover? If you are on moderately expensive medication, that "cheap" plan may not actually save you money. On the contrary, it may cost you twice as much because your plan has a deductible that needs to be met first instead of copay's. The best plan is a balanced approach to the benefits available, deductibles, copay's and cost. Not cost alone.

3. Not checking you network

A very important question to ask is.."Is my doctor covered under this plan?" It seems to be overlooked when shopping for a plan by yourself. Healthcare providers today have "narrow networks". That means you are confined to a local network of doctors and hospitals.The big mistake here goes back to price. Picking the cheapest price could mean that you may have to pick a new doctor. If you travel a lot there is a good chance that you will travel out of your covered area, which means, if you get sick while traveling you could pay the total cost.

4. Supplemental insurance

This is so huge! It is unbelievable the countless amount of individuals NOT covered with supplements. Of course health insurance is there so we can reduce the financial risk of being sick or injured, but it never eliminates that financial rick completely. The most common misconception is that having health insurance give them complete coverage. But what happens if you get sick or injured and you can't work, or you still have a huge deductible to pay before your health insurance kicks in? That is where supplemental products come in. 

6000.00 supplement plan could pay the 5000.00 deductible completely

 

5. Not looking at the big picture.

Health insurance is really just a core program and needs to be built up. Here is a great example of building up your health insurance.

Building up your health insurance

a.Vision
b.Dental
c.Accidents
d.Illnesses
e.Disability
f.Life Insurance


This comprehensive coverage! If you think this to really expensive to have then scroll back to number 4 and read it again.






Don't make these 5 common mistakes.  
60% of all bankruptcies are because of uncovered health expenses. Get covered correctly and get the professional help to show you how. 

-WI Insurance Guy


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