4 Questions You Should Ask Before Choosing a Health Insurance Plan


Health insurance is an all-important safety net to have in the event of any medical situation. However, these plans are not one size fits all. It’s important to assess the needs you have as a prospective policyholder so that you are finding the health insurance policy that best suits you, and isn’t breaking the bank. Here are a few questions to ask yourself before signing on the dotted line.

1. What is your current health status?

It’s advised that policy owners invest in a health insurance plan at a young age for lower premiums. That’s due to reduced health risk in the eyes of insurance companies. As you get older, you may want to expand what’s protected under your health coverage. This can protect you in the event of a terminal illness, covering significant medical expenses that have been thrown in your lap.

If you hold a life insurance policy along with your health coverage, you can even look into the best viatical settlement to help with your debts. A viatical settlement is reached between the insured, a broker, and a buyer who purchases a life insurance plan for a lump sum amount. This number is not as high as the death benefit but is greater than the cash surrender value of a life insurance plan. Those who engage in the life settlement process can use their payout towards medical bills, advanced treatment options, or even pay down any debts for their loved ones.

2. What other lines of insurance do you have?

While health insurance is the most common line of coverage that people have, insurance is a vast field for an applicant to explore. InfluentialTimes offers insight on the average insurance underwriter, with an understanding of some of the capabilities of particular insurance policies and the finances of coverage. In some cases, insured parties may be able to bundle their policies under one umbrella.

For example, the company you purchase your whole life insurance policy from could also offer homeowners’ and auto insurance. This ability to bundle could lead to reduced insurance premiums and discounts for long-term coverage. This could be the best option if you are looking for long-term savings.

3. Who will be covered by your health insurance?

Your health insurance policy may not be yours and yours alone. If you are looking for the best choice, you may consider just your current health situation and how much you’re willing to drop on premium payment. If coverage is offered through your employer, you may be able to take advantage of group health insurance coverage at a discounted rate.

If your fiduciary responsibility expands to your spouse or partner, or your children, you’ll want to look for an insurance plan with greater influence over vast medical fields, ranging from pediatrician to general practitioner. As a primary policyholder, you’ll have more of the reins of the policy. You can even expand into secondary insurance options to provide more assistance with medical expenses.

4. What is your price range?

If it’s your first time venturing on your own to purchase a health insurance policy, you may want to take a look at your monthly budget. This will help you determine the amount you wish to spend on insurance premiums, for what is likely lesser coverage for a younger person.

Don’t hesitate to consult with a seller to get an understanding of the face value of a health insurance plan. This will give you insight into deductibles for each plan, and certain exclusions on that insurance policy. Consider yourself an investor in a health insurance plan. Make the investment that is right for you and any third party that may be on the plan as well.

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