Questions To Ask Your Health Insurance Broker
Has there been a time in your life when you are making a purchase, large or small, and some part of the product or service just doesn't make sense to you, but you buy it anyway and figure you'll understand it later? We all have. What I'm going to outline for you here are the top questions you should ask your health insurance broker before buying a policy.
• Are you an independent agent/broker? An independent agent or a broker can offer you plans from many different carriers. Based on what you are looking for, they go out and search carriers to find one that aligns with your needs. On the flip side, an agent may be tied to one carrier and will only offer you a plan from that one carrier.
• How long have you been in the industry? A simple question, yes, but an important one. Nowadays when much of the health insurance business is going online, you may only converse with a broker a couple times over the phone. This should be a question to ask in that first conversation. It will tell you a lot about that individual being able to recognize your needs quickly.
• How is ABC carrier at processing claims? It may be surprising, but carriers don't always pay claims in a timely fashion. Health insurance brokers have a leg up on this trend by being able to get a firsthand look at it. They may be able to at least tell you what has happened with other clients' claims.
• What can I expect from the underwriting process? A broker that has been in business a good length of time can give you a general outline of how underwriting will go. They should know the carriers fairly well and can tell you all about how strict the carrier is, when to expect a phone call from the underwriters, how long the process normally takes, etc.
• What about my XYZ condition? A good broker should be upfront with any conditions you have and what, if any, rate up the carrier may do. They may know that this carrier is more lenient than that carrier in underwriting certain conditions.
• Will I be subject to a waiting period? This is an awful thing to find out when you're at your doctors office and find out your waiting period was for one more month! If you are coming in to a new policy and have had coverage in place for some time, some part of a waiting period may be waived. And certain procedures may have a shorter waiting period than others.
While we have all purchased something without fully knowing all the features, health insurance is something that due diligence is always best. Spend time and ask the questions that will serve you in the best manner. Otherwise, you could be stuck with a policy you're paying for, but isn't the proper coverage!
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