• Troyer & Good, PC

General Tips on Shopping for Health Insurance

Updated: Feb 19, 2019

Whatever type of health insurance you want, you should shop carefully and compare the policies of different companies using a reputable health insurance agent to guide you through the process. This post has some general tips when shopping for health insurance:

  1. Consider how quickly the insurance company pays a claim and whether the company gives you individual attention and helps you answer questions about your policy.

  2. If you are older, it may be better to keep the insurance you already have in force. This is not always the case so consider the matter carefully.

  3. Check the waiting period to see how soon the policy will cover an illness that began after the effective date of the policy. If you have an existing condition that will later require medical attention, you want insurance that will cover those expenses as soon as possible.

  4. Watch out for policies that pay fixed amounts for certain expenses. They may seem cheap but rapidly become inadequate as medical expenses increase.

  5. Be suspicious of policies that let the insurance company refuse to renew your policy on an individual basis.

  6. Neither the state nor federal government sells a policy to supplement Medicare. Therefore, beware of someone who offers you insurance sponsored by the government.

  7. Purchasing more than one Medicare Supplement policy is usually a poor buy.

  8. Indiana law protects you against aggressive sales tactics. Even if you have already signed an application, you may cancel a health insurance policy within ten days of receiving the policy. Simply mail the policy back to the insurance company’s home office and ask for a refund of any premium you paid.

  9. You should pay premiums by check, not cash. Make the check payable to the insurance company, not the agent.

  10. Keep a copy of your completed application so that you know what you have purchased. Get a receipt for anything you give to the insurance agent. The receipt should have the agent’s name, company address, and company telephone number.

SOURCE: Indiana Laws of Aging by Indiana State Bar Association
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