Health Insurance Questions to Ask When Shopping for Coverage.

Health Insurance rates continue to rise. "Obamacare" is an uncertainty to that could also increase the cost of this coverage. People still need to have health insurance coverage to protect their health and their assets. Here are 5 questions that should be asked and answered by individuals looking for affordable health insurance coverage.



1) Do I qualify for COBRA?

Is that a better option for me? Depending on your situation, you may qualify for COBRA insurance and be able to continue your current health insurance after losing your job. COBRA insurance provides a continuation of care and you will not experience any change or lapse in care which is an important benefit to many people.

When I sent to shop for health insurance quotes in 2003, I personally used my COBRA coverage as I was diagnosed with cancer 2 weeks earlier. Cobra coverage is a continuation of an employer sponsored health plan and as long as you continue that coverage in a timely manner (around 1 month after leaving your prior company) you can obtain coverage. However, because of the "guaranteed insurability" attribute of COBRA, you have the potential to get better coverage at a better price when you shop for health insurance quotes.



2) Are you Single, Married or Head of the Houshold?

A single man in his 20’s that scuba dives or jet ski’s every weekend has much different insurance needs than a family of four, or even a single man in his 50’s. Any potential health plan starts with who will be covered under the plan and what their lifestyle is.

If you are going through a divorce you may be covering your children or even be required to cover your former spouse.

3) Do you need maternity coverage?

Single men, you won’t need this by yourself. However, a woman in her child bearing years does not want to discover she is pregnant and has no maternity coverage in her health insurance plan. That being said, a woman that is past child bearing probably does not need to incur the expense of maternity coverage. Taking that into consideration when you shop for health insurance quotes can save you either an unpleasent surprise or a lot of money if this coverage is unnecessary.



4) Do you go to the doctor frequently?Do you have a chronic condition or a once a year physical kind of patient? Do you like to be examined by a doctor if you catch the flu or sprain your ankle, just to be safe, or do you refuse to go to the doctor unless it is absolutely unavoidable? You may look at a more expensive health insurance quote and health insurance policy if you answered "yes" to these questions. The additional expense will reduce the cost of your doctors visits but increase the price of the monthly insurance premium. Look at this in detail when you shop for health insurance quotes.

5) Do you have a regular prescription to fill?

Is your prescription something widely available in generic form? How often does it require refill? Ask the pharmacist to give you an example of the retail cost of the prescription if not covered by your insurance. Sometimes when you shop for health insurance quotes, you will find that there are other ways to pay for prescriptions like a HSA (we will discuss this later)

Author:.

I am a Certified Financial Planner living in Orlando Florida and the author of the book Comfort Investing" which was shows long term investors how to participate and receive all the gains in the stock market while also knowing that they will never loose more than a predetermined amount in an given year.

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