Get the Right Health Insurance Agent

Written By: Jeff Braid7 on April 30, 2010 No Comment

Like any financial services professional, finding the right health insurance agent may be overwhelming. You may be used to having group health insurance through your employer and now find yourself without insurance and guidance. With group health insurance, the most challenging health insurance decisions you had to make were probably limited to one insurance company with one to two similar plans. However, the purchase of individual health insurance plans is far more complex. Therefore, it is important that you have the right health insurance agent.

If you are searching online for health insurance and submit any of your personal information, you may have several different agents contact you. This may be slightly annoying, however it allows you to shop for the best policy and get different agent’s perspectives on health insurance. The health insurance agent’s responsibility is to help you determine your needs, explain the best plans to fit your needs, and help you choose the plan that best meets your needs. It is important that your health insurance agent obtains the most accurate health insurance information in order to be able to qualify you for health insurance.

When choosing a health insurance agent it is important to check with your State Department of Insurance to make sure that the agent is licensed to sell health insurance products and is in good standing with the Department of Insurance. It is also a good idea to ask your prospective agent for references or testimonials from previous clients. You may also want to ask for recommendations from friends, family or other people that you trust.

Below is a list of terms that may be helpful in beginning your understanding of health insurance.

Deductible

How much you pay toward a covered expense before the plan pays a benefit.

Office Copay

Office Copay is a benefit that allows you to pay only a flat dollar amount for eligible in-network physician office visit services. This option may not always be available.

Coinsurance Percentage

Coinsurance percentage refers to the amount of covered expenses you pay after the deductible. You usually share the cost of covered expenses with the insurer.

Coinsurance Out-of-Pocket

Coinsurance is the percentage of covered expenses the plan pays after you meet the deductible. After the Out-of-Pocket maximum is met, the plan pays 100% of covered expenses.

Lifetime Maximum

The amount of the total lifetime benefit of the policy per person covered by the policy.

Annual Maximum

The amount of benefit paid per person covered on the policy during the calendar year after the insured has satisfied all out-of-pocket expenses. This option is not always available.

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