The purpose of this brochure is to provide consumers,
who shop for health insurance, some tips on
how to best shop in the health insurance marketplace.
Before a consumer decides the kind of
health insurance they need, they should first consider
what they may already have. Only then can
they determine if they have too much, too little, or
enough protection.
If you are trying to find a good agent, ask someone
you know and respect if they would recommend
theirs. Try to find an agent who is reliable and helpful
in answering any questions you have about a
policy.
Although most agents are honest, you should
keep two things in mind. First of all, an agent
cannot change the contents of the policy. Only
the insurance company can do that. Secondly, if
the agent fills out the application for you, read it
carefully and make sure all the information is correct
before you sign it, especially those questions
related to your health.
Shop Carefully.
Health insurance is expensive, so comparison
shopping is worth the time it takes to shop around.
Be Careful About Changing Policies.
Changing an old policy with a new one may or may
not be a good idea. Just remember that a new
policy may have waiting periods and pre-existing
conditions exclusions that could leave you without
coverage, so be extremely careful. Take the time
to weigh all options.
Beware Of Sharp Sales Practices.
You should take your time and not be pressured
into buying an insurance policy.
Do Not Be Misled By Advertising.
Only you can decide if a policy is the right one for
you. Do not buy a policy simply because it is endorsed
on television and radio, in newspapers or
other advertisements by famous people.
Look Out For Pre-Existing Conditions And
Other Exclusions.
A health condition you already have when you buy
a policy is called a pre-existing condition. It may
include a condition you have recovered from. A
pre-existing condition can also be a health condition
misrepresented or not revealed in the application,
for which symptoms existed prior to the effective
date of coverage, causing you to seek diagnosis,
care or treatment. It can also be a condition
in which medical advice or treatment was recommended
by or received from a physician.
One of the main reasons that many claims are
denied or payments are delayed is a pre-existing
condition exclusion in the policy contract. Even if
health questions are not asked on the application,
the policy may not cover conditions you already
have. Make sure you understand the definition of
pre-existing conditions and how long they will not
be covered. Read the limitation and exclusion provisions
of your policy very carefully.
Know If And When An Insurer Can Refuse
To Renew Your Policy.
Read the renewal provision which is usually found
on the first page of the insurance policy.
Fill Out Your Application Completely And
Accurately.
If you do not give correct and complete answers to
medical questions, your claims may be denied or
your policy cancelled. If an agent fills out the application
for you, read it carefully before signing it.
When you sign an application you are agreeing that
it is correct and complete.
In addition, have a relative or friend review the application
from the agent to make sure it contains
the information you provided.
Make Sure There Is A “Free-Look”
Provision.
Most companies give you at least 10 days to look
over your policy after you receive it. This means
the policyholder has 10 days after receipt of the
policy to decide if they want to keep it.
Be Careful How You Pay For The Policies.
It is best to pay by check, money order, or bank
draft made out to the insurance company. Do not
make the payments payable to an agent. If you
pay cash, make sure you get a receipt.
Drafting Insurance Premiums From Your
Checking or Savings Account
It is important to find out all the details about having
insurance premiums drafted through your
checking or savings account. You should check
with the bank beforehand to determine what steps
are necessary to process insurance premium payments
through the checking or savings account. If
the decision is made to have premiums drafted from
a bank account, you may want to consider establishing
a separate account for premium drafting
only.
When A Problem Occurs.
Contact your agent or insurance company first.
Help From The Department Of Insurance.
If you do not receive a satisfactory response from
your agent or insurance company, you may need
help from the South Carolina Department of Insurance.
You can write or call the Department at the
address or telephone number listed below.
Subscribe to:
Posts (Atom)
