First, it is important to understand that “best” is a relative term in regards to health insurance rates. There are numerous ways of looking at health insurance coverage, including factors of low prices, effective treatment, and other benefits.
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Since you asked about rates, it is presumable that you are interested in bottom line prices. Understand that regardless of any company’s promises, it must adhere to the laws of the state as well as the standards of business.
Factors That Influence Health Insurance
Generally, figuring out health insurance takes into account a variety of physical factors including medical history, lifestyle, occupation, age, family history, medications and other physical conditions. Your health insurance quote will be primarily based on your health profile. The healthier you are, the younger you are, the easier time you will have finding coverage. However, the older you become and the more medical problems you report, the more health insurance costs in the way of premium rates.
If you want to find an affordable policy, one option is finding an employer that pays for your health insurance through a group policy. This policy, by the law of averages, is so friendly towards workers that it’s comparable to buying a “younger” policy. That’s because everyone must be accepted. The older you get, the more attractive a group policy becomes.
However, not everyone is eligible for this type of coverage. In fact, healthier individuals sometimes prefer a private plan for the flexibility.
Flexibility is usually a good thing when shopping for health insurance. However, when you surrender control to the insurance company, they do you the favor of lowering your rates. Thus, you will pay more for freedom. The most comprehensive coverage with low cost premiums requires that you stick to a network of hospitals, clinics and labs.
Loops Holes and Official Studies
Of course, you must realize that no matter what good coverage you find there is always the possibility of a major loophole left uncovered. The standard care of a health insurance policy is that you get a hospital stay for major accidents or operations as well as doctor visits. Other items like mental health benefits, prescription drug discounts and dental visits are not always covered. Some insurance policies will cover them, while others will not; if this is the case then you will have to order a supplemental policy.
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Recently, U.S. News and World Report stated that the top rated commercial plans for health insurance were:
- Harvard Pilgrim
- Tufts Associated Health
- Grand Valley Health and
- Capital Health
As an example, consider the Harvard Pilgrim Company. This company won high ratings because insured customers felt they provided fast care, qualified physicians, satisfying plans and excellent customer service. You will notice however, that price was not considered when comparing the best policies for consumers. Often times, the lowest premium you find online may be part of a policy with inferior plan. Compare this scenario to a policy that offers quality coverage and a slightly higher rate.
Remember that the premium the company charges is supposed to cover the costs for any large claims you might make later on. This brings us to another important quality: a financially stable service. Review publications like AM Best state that the stability of a company is paramount, particularly because they are investing in your money and your welfare.
Publicly-owned or subsidy-owned facilities tend to offer lower rates for standardized care. Once again, however, the quality of work suffers when compared to a flexible and commercial policy that lets you choose your own environment. Decide in advance about price, deductible fees, a network plans, and any indemnity clauses out.
Contract Negotiation Strategy
Since you are the one signing a contract, you hold the power. You can ask for inclusions or ask to specify exclusions, which can then be clarified before signing a policy and putting your health at risk. It helps to learn just what standard of premium you should expect to pay.
This average premium figure is decided upon by the state, the insurance company and underwriter of the policy. Knowing what is reasonable in the market today, you will be able to pass up unfair deals or perhaps re-negotiate with the insurance agent, if you sense the rate figure is unusually high.
The simple answer is that the best rate for an insurance policy depends on your vital statistics as well as your wishes and demands when it comes to coverage. What is cheaper is not always better; the cheapest policies could compromise your family’s health and leave you in a precarious situation financially, should a medical crisis ever take place.
Although it can be difficult to find a rate that is fair, an affordable health insurance policy is always preferable to going without insurance. Even minor medical bills can quickly run up expenses and deplete your savings account. Instead of taking chances with life or money, why not price compare for a quality insurance plan with affordable rates?
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