Things To Consider When Looking At An Insurance Carrier's Plan(s)
Nobody understands the complexity of health insurance more than we do. In addition to our industry jargon, it is a complicated purchase.
Think about it - you are entering into a contract that is going to obligate
the insurance carrier to potentially pay
millions of dollars of claims if you get really sick/hurt.
So to help you out, we have listed some questions for you to consider when trying to decide which plan to choose. Click on the question and you will be directed to additional information - it may be more questions along the same lines, or it may be some tidbits of information we have learned along the way.
Questions To Ask (click on the question to be directed to additional information)
How long has the company been doing business?
Why is the price so low?
Can you get the start date you want? 
When does the coverage actually start?
How good is the carrier/pricing/network for your area of the state?
What about pre-existing conditions?
Does the carrier re-underwrite at renewal?
What riders are available and how do they work?
Can I apply for a lower rate down the road if I am rated-up for a pre-existing condition that may go away in the future?
Why do I need an agent?
How long has the company been doing business? While the length of time a carrier has been doing business in the Commonwealth of Virgina is not the most important factor, it is something to consider. You want some kind of track record for the company taht is going to be insuring the health of your family.
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Why is the price so low? Remember what your mom used to say - "If it is too good to be true, there is probably a reason." If a plan is A LOT less than other 'similar' plans, there is usually a reason for it.
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Can you get the start date you want? Some companies allow you to have an effective date beginning any day of the month. Others only allow effective dates at certain times of the month (1st ot 15th). Some companies want the application in their office X number of days before the start date.
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When does the coverage actually start? Date of application? Date of receipt of application by the carrier? At the completion of underwriting? Depending on when you need the coverage to start, this could be a big deal.
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How good is the carrier/pricing/network for your area of the state? For a host of reasons, health insurance varies greatly deal from state-to-state (insurance is regulated on the state level) and even town-to-town. A carrier that has great prices in Greensboro, NC may not even do business in Richmond, VA. In fact, a carrier that does business in Richmond may not do business in Virginia Beach. If they do, the networks and pricing could be VASTLY different. Just because your brother Scott got a great deal with Company X is not a guarantee that you have the same options.
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What about pre-existing conditions? Like the start date, this may have a huge impact on which carrier you choose. Every carrier handles pre-existing conditions in their own way. They may:
1. Cover the condition but Increase your premium.
2. Exclude the condition from coverage
3. Apply a deductible specific to the condition
Some carriers give you a choice of the options above while some carriers treat all pre-existing conditions the same way. Your situation will determine which way you may want to treat any pre-exisiting conditions you may have.
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Does the carrier re-underwrite at renewal? Some carriers reserve the right to change your underwriting classification at renewal to compensate for new conditions/claims. These changes in premiums can be significant (and in addition to the 'normal' increase you will receive. There are situations where this may be preferable for the insured, but it is too detailed to get in to here.
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What riders are available and how do they work? Typical riders we see are for maternity, dental, or accident coverage. How they 'work' depends on the plan and the carrier. Some have limits and waiting periods specific to the rider. Generally we are not a big fan of most of them, but our job is to educate you and let you make your decision.
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Can I apply for a lower rate down the road if I am rated-up for a pre-existing condition that may go away in the future? Generally, yes. Typical examples include if an unsured has stopped smoking, or lost weight that puts them in a lower underwriting clasification, or even a cancer survior who has been cancer free for a certain period of time. Contrary to what some believe, the insurance carriers will re-evealuate your underwriting classification and give you a better rate if your health warrants it.
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Why do I need an agent? We thought you would never ask. The short answer is, "If you really want to go through all of the work necessary to figure out all of the answers to the questions above, I guess you don't need an agent."
However, if you understand that you get the same price - with or without an agent - why not use an experienced, knowledgable, no-pressure agent? If you need more convincing, go to our WHY DO I NEED AN AGENT page.
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Ok, Are You Ready To Get A Quote? Go For It!
