Finding the Best Insurance for You: The Wrong Ways and the Right Ways

Insurance is something that most people are not interested in but can be very important to many of us. Unexpected losses can put the best-laid financial plans in turmoil. Insurance coverage is necessary to protect against unexpected costs, property loss, and disability. There are no universal answers to the question of how much insurance is enough. Situations vary.

A single 22-year old, unmarried, in perfect health, without dependents has different needs than a 35-year old working mother of four. But both certainly need insurance coverage.

How to find the best insurance providers and the right insurance policy? Some types of insurance are expensive, but that doesn’t mean they’re unnecessary. It’s important to determine your needs before comparing policies. Below are some common mistakes in looking for an insurance provider.

Common Mistakes in Buying Insurance:

1. Choosing Deductibles That Are Too Low

By doubling your deductible, you could cut your monthly premium by a third. Save the extra money in your savings account. If you do have a claim, you’ll have the extra available to cover the higher deductible. If you don’t have a claim, it’s money in your pocket.

This applies to many types of insurance coverage. Compare deductibles and premiums. Do the math and make an informed decision.

2. Opting for COBRA

The government has given you the right to continue with your employer’s health coverage for up to 18 months after leaving your job. But you’re required to pay 102% of the premium.

You can find a better deal on your own. Shop around and find a cost-effective medical plan. Employer-sponsored plans are overkill for many.

3. Only Carrying Enough Homeowner’s Insurance to Cover the Market Value

This is particularly true if you live in an older, larger home. It might cost far more to rebuild your home than it’s worth on the open market. Ensure that you’re covered for the rebuilding cost of your home.

4. Buying Life Insurance When You Don’t Have Dependents

It’s challenging to think of a reason for carrying life insurance when you’re single and dependent-free. Life insurance isn’t necessary for everyone. Avoid paying for policies that you don’t even need.

5. Buying Life Insurance Coverage for Your Children

Unless you’re financially dependent on your children, it doesn’t make sense to insure them. Life insurance is to financially protect the people that are left behind. If you’re children aren’t contributing financially, avoid insuring them.

6. Failing to Review a Company’s Complaints

It’s not all about the premium. Saving a few dollars each month might not be worth the hassle when it comes time to make a claim. See how other insurance customers rate their experiences. Paying a couple of dollars more each month might be worth it.

7. Failing to Review All the Options Each Year

It’s common to stick with an insurer for decades. Avoid letting the past determine the future. Review all of your insurance policies each year. You’re bound to find at least one better option.

8. Only Shopping by Premium Cost

The monthly premium is often the only factor considered by those searching for a policy. But what are you actually getting for that premium? Remember to review the deductible and all the benefits the policy provides. Avoid paying for features you don’t need.

9. Failing to Buy Disability Insurance

You’re at least 5 times more likely to be disabled than to die, regardless of your age. How will you pay your bills and care for your family if you’re unable to work? Disability insurance can be expensive, but it’s one of the most important policies to carry.

Avoiding mistakes is an effective way to ensure success. Insurance can be expensive, but shopping around can make the necessary coverage more affordable. Determine your needs and purchase insurance intelligently. This can be great help to your financial life.

How to Find the Right Insurance Provider

Finding the right insurance providers can be time-consuming, but it's definitely worth the effort. Below are some tips for finding the right insurance providers.

1. Knowing What Questions to Ask:

Check with your insurance company for a list of providers who are in-network. Call people on the list and ask questions:

• Does anyone in the practice have experience with ______?
• What are his/her credentials? Where did s/he go to school?
• How long has s/he been practicing medicine?
• How many patients does s/he treat with ______ each year?
• What ______ - specific training has s/he completed?
• What is the usual wait time for an appointment after established as a patient?
• What is the parking situation?
• What are the hours for appointments?
• Do you take xyz insurance?
• How do you handle after hours emergencies and phone calls during the day?
• What is the usual wait time to see the doctor after checking in?

2. Preparing for Your First Visit

Once you find a practitioner that meets your criteria, be prepared for the first visit. Complete all new patient paperwork before the appointment, if possible.

The day of the appointment, plan to arrive early – especially if you have to complete new patient paperwork. Bring your insurance card and drivers license to every appointment.

Make a list of questions ahead of time – try to keep it brief and prioritize. If you have a lot of questions or medical concerns, let the staff know when they schedule your appointment – they may schedule a longer appointment for you.

3. Communicating Efficiently

Be concise when giving information or asking questions – doctors have limited time and generally do not need to hear the explicit details unless they ask (or the details are relevant).

4. Taking Notes

Take notes or ask your provider to give you written instructions or information from the appointments. This is especially necessary if there are cognitive or memory problems, or if you simply get anxious and forget what was said in the appointment.

If you are concerned about your ability to remember or comprehend what the provider says, take someone with you to your appointments. S/he can take notes and help clarify things after the appointment.

5. Choosing Another One If It's Not a Good Fit

If you do not think the provider is a good fit for you, ask for your records and take them to another provider.

6. Giving Feedback to the Provider 

Give feedback to the insurance provider – good or bad. If you are uncomfortable telling him/her directly, leave the information with a nurse or front desk staff or in a suggestion box. If you have a bad (or good) experience with front desk staff or scheduling, tell the medical provider.

Conclusion:

Finding the best insurance providers take time, but it's worth the effort. In this article, we have listed some common mistakes in finding an insurance provider and also listed some suggestions for people looking for an insurance provider. Hopefully this tips can help you find the best insurance provider!