Minimize
October 03, 2010 | 0 comments
How to Know if Youíve Been Given a Good Health Insurance Quote
By: BANKMODE.com Staff

If you’ve been shopping around for health insurance, good for you. Many people will simply apply to one insurance company and pay whatever that company quotes them, but not you. You are wise and want to get more than one quote before you make this important decision. But how do you know if you’re making the right decision or not? How do you know if the quote you’ve been given is reasonable or high or very affordable compared with other quotes? Well, here are a few steps to help you make this call:

  1. Get quotes from several companies.
    For most major decisions, you should get quotes from several companies, and health insurance is no different. Getting quotes is simple. Just go online, look up three or four companies you’re interested in, and fill out an online form for a quote on the particular plan in which you’re interested. The company will typically either call you within a couple of business days or will send you a letter in the mail stating their quote for you.
  2. Read through the quotes and plans very carefully.
    Health insurance is tricky, and it comes laden with lots of esoteric words like deductible and copay and coinsurance. Before you decide which company you’ll go with, be sure you understand everything about the plan for which you were quoted. If you don’t understand the piece of paper, give someone at the company a call, and have them explain it to you. If you get connected to a customer service line that has terrible customer service, that may be your first clue that you want to go with a different provider, anyway.
  3. Run a like-for-like comparison of the plans.
    Once you know what all the plans would cover, compare them. They probably won’t be exactly the same, so if one has a $2,000 deductible and another has a $3,000 deductible, take this into account when looking at the health insurance quote for the monthly premium. If you need to, make a pros and cons chart for every plan so that you can make an informed decision.

    Be sure that you aren’t making this important decision based solely on your monthly premium. While this is an important factor, it’s not the only thing to consider, as paying very little for an insurance plan when you can’t afford the deductible every year is really not worthwhile.
  4. Make your decision.
    Don’t sign any paperwork until you’ve been through these steps and have made a very informed decision about your health care coverage. These ideas will allow you to get the best possible health care coverage for the lowest possible monthly premium.
User Comments
Be first to post a comment.
Post Your Comment

National Mortgage Rates

DescriptionThis WeekLast Week
2.924
2.948
2.937
2.903
2.827
2.844
2.84
2.856

National Home Equity Rates

DescriptionThis WeekLast Week
5.996
6.092

National CD Rates

DescriptionThis WeekLast Week
0.116
0.12
0.176
0.184
0.268
0.279
0.443
0.459
0.748
0.766
0.935
0.967

National MMA, Savings & Interest Checking Rates

DescriptionThis WeekLast Week
0.172
0.174
0.121
0.124
0.14
0.144

National Auto Loan Rates

DescriptionThis WeekLast Week
3.335
3.406
3.419
3.478
3.517
3.578
3.838
3.875
Find personalized rates:
or
Provided by Informa Research

Insurance Center

Save money on all of your insurance needs today.

Mortgage Center

Find the best rate from multiple national and local lenders.

Bankmode.com relies on a variety of sources for the information it provides on the Site. This information includes, but is not limited to, the rates shown, whether the financial institution has deposit insurance, and the institution's policy on accepting customers and money. This information is provided to you in good faith based on the information available to Bankmode. Bankmode believes that the information is current and accurate but does not guarantee it. You should confirm how current the information is and the accuracy of any information with the financial institution.


Copyright © 2014 Informa Research Services, Inc. ("Informa"). While all attempts have been made to provide effective, verifiable information in this article, neither the author nor Informa assumes any responsibility for errors, inaccuracies, or omissions. You should always seek the guidance of a licensed professional before making any major financial decisions.

| Mortgage | Home Equity | Refinance | Compare Rates | Bank Deals & Offers | Tools & Calculators | Credit Cards | Insurance | Taxes | News & Advice
| |

LOGIN TO YOUR ACCOUNT

ENTER YOUR lOGIN INFORMATION BELOW

Please enter a valid e-mail address or user name
Login credentials are invalid!
Please provide a password

Email To Friend

login