Buyer Beware:

There are cheap health insurance plans that claim to have all the benefits at a cheap price.  Some of them do have great benefits, but some are just plain lousy.  Here's how you can tell the difference:

 

Be Cautious of Captive Agents

 

Captive agents are agents that only sell for the company they are employed by.  This limits them to the products sold by their employer.  Most captive agents have great plans, but there are some that are selling plans with low benefit limits, and limited catastrophic coverage.  If there' a plan out there that's better for you or your family, the agent may not know about it, and they sure don't have any reason to tell you about it, even if they did.

 

If The Benefits Seem to Good to be True They Probably Are

 

If the price is low and the benefits are comprehensive, you have to wonder how the insurance company is staying in business by being both the price leader and coverage front-runner.  Many times the reason the coverage seems great and the price seems cheap is because the insurance company has set limits on certain benefits, limiting their risk if there are major expenses.  Read the fine print before you buy and ask a lot of questions.

 

Research the Insurance Company

 

"Google" the company and find out what people are saying about them.  Check with your state insurance department and find out if they are on any sort of watch list.  Check the Better Business Bureau to read any complaints they've received and find out if and how they resolved them.  Find out what their financial rating is through AM Best or Standard and Poors.

 

Your Best Free Resource

 

Independent local agents are not only a free resource, but they are knowledgeable about the ins and outs of the local companies.  They know the plans, rates, and typically have a solid birds-eye view of your local market.  Best of all, they are independent and have reason to look out for your best interests.  Find an agent that works with multiple local insurance companies. 

Find out how much you can save each month, while still keeping quality benefits with a reliable company. Just complete this short form and a local agent will contact you and help you get started.

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