The Must-Haves of Health Insurance Plans

Good health insurance plans contain a few key components. Make sure yours include the following provisions.

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1. Good rating

Consult A.M. Best, Moody's, or Wiess for your health insurance company's rating. (eHealthInsurance does this for you, free, before you apply for your free quote.)

2. High Lifetime Payout

This is the maximum amount your health insurance company pays over the lifetime of your policy. Don't buy a policy with a lifetime payout of less than $1 million.

3. Large deductible and co-payment

You still must be able to afford to pay them, but a high deductible and co-payment lowers your premiums.

4. Limited out-of-pocket expenses

This is the maximum amount of out-of-pocket expenses you are required to pay over the year. Don't make it too low. Choose an out-of-pocket maximum that doesn't raise your premiums but still protects you..

5. Waiver of premium provision

Allows you to waive premium payments during lengthy illness.

6. Renewable provision

This guarantees your health insurance plan can not be canceled because you become ill. It is a must.

7. Coverage for pre-existing conditions

There is often a waiting period, but coverage for a pre-existing condition should kick in after a year.

8. Emergency medical coverage

This is a must.

9. Few prerequisites

If your health insurance policy requires too many prerequisites before you receive care, it might be a good idea to keep looking.

10. Shop online for the best health insurance plans

Online resources allow for comparison shopping, no hassle, and no pressure. Here is who we recommend:

eHealthInsurance for side-by-side comparison. Learn about their health insurance providers or get an instant online quote now.

Or, visit Insurecom, a service that will put you in touch with several local agents.


Next: Policy exclusions.

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