If you remain in the market to purchase your own health insurance protection you can save yourself valuable money and time by shopping and comparing policies best online. Websites devoted to giving you prices quote on different types of insurance make it extremely simple for you to get a concept of what your coverage and expenses will be. Nevertheless, please be forewarned that there are some risks in using an insurance broker as I discovered within the past year.
As a self-employed person, I carry my own health and life insurance for my family. When making the move from New Jersey to North Carolina in 2004 I understood 2 aspects of our medical insurance:
1. I would need to buy a medical insurance service provider covering North Carolina.
2. Rates would be cheaper than in New Jersey, with costs being about half of what I had actually been paying and with slight better coverage.
A number of weeks prior to we moved, I contacted a popular internet insurance broker and received quotes. We picked one business and received the paperwork from the broker about 10 days before our relocation. Rather honestly, I wish I had actually begun the procedure a little earlier as all of our spare time was dedicated toward preparing and making the move. I ended up loading the paperwork with my personal things and was just able to fill it out and send it one week after our arrival in North Carolina.
Handling the online insurance coverage broker was a simple task, but I quickly discovered that they were an extra step in the application process, one that just slowed down our approval.
When the paperwork was received by the broker, they acknowledged the very same via e-mail and pointed out that they would evaluate our bundle prior to forwarding it to the medical insurance business.
Over the next couple of weeks we received messages from the insurance coverage broker specifying the following:
1. We are in the procedure of reviewing your application.
2. We have sent your application off to the insurance company.
3. The insurer has your application and will be examining it in about one week.
4. The insurer expects a hold-up in evaluating your application due to the high volume of applications received.
5. Please do not contact the insurance company straight; we will keep you published as to the status of your application. Yeah, right.
Initially, we were ensured by the insurance broker that the health insurance coverage company would evaluate and approve our application within 2 weeks. In addition, when we got in touch with the health insurance business directly – at the support of the broker – the health insurance company had difficulty finding our application.
As it turned out, the initial insurance coverage quote we got online was off by simply over 20%. When the health insurance company determined that certain pre status quo needed to be factored in our rates increased appropriately. Obviously, when dealing with the web broker we knew that the rate priced quote wasn’t ‘absolute’, but the big dive was still a bitter pill to swallow.
Amongst our thoughts at that point while doing so were:
1. Had we understood ahead of time that our “final rate” would be so high, we would have shopped around some more.
2. Because of the delays and the passage of time, we required to complete the application procedure as our coverage with the NJ health company would need to be canceled, preferably by the end of the year.
By the middle of December, a complete 10 weeks after we sent our documentation, we got main alert that our application was approved and that we were covered. Throughout the last couple of weeks of the prolonged application procedure we got in touch with the health insurance coverage business directly several times to learn what the status of our application was. Get quotes through the online brokers to get a basic idea of what your costs will be.
2. Narrow down the list of companies priced quote to three and then call them straight. Bypass the broker as they are an unneeded extra action in what definitely is not a quick approval process. 3. If you require insurance coverage by a particular date, apply well ahead of time to allow for hold-ups, for lost documentation, changes in your application, and so on. Our insurance protection was approved reliable on a particular date, but we had the ability to move it to another date to coincide with the dropping of our NJ healthcare supplier.
In all, the experience was wearisome at times and a real eye opener. I understand you see ads all the time for online insurance coverage quotes. I am not saying to avoid the websites, but please consider what we went through before using an online broker solely.