- 1). Obtain quotes through an insurance broker or online website. If you opt to work with an insurance broker, make sure that the broker is licensed to sell insurance within your state. You can also get quotes directly from an insurance company, but if you do this, it is wise to get several quotes to shop around for a competitive price. You can shortcut the process of shopping around by using online comparison sites that allow you to get quotes from several insurers at once.
- 2). Explore your options. There are plenty of different types of coverage available, and you should explore and understand all of them. A major medical plan, for example, is a type of coverage in which you have a high deductible (usually a few thousand dollars) but lower premiums and comprehensive coverage once you have met your deductible. These are usually the least expensive option. An HMO (health maintenance organization) policy usually allows you to visit doctors within a network, but you may need referrals for specialists or out-of-network doctors in order for your insurance to cover those costs. A PPO (preferred provider organization), usually the most expensive option, gives you the greatest freedom in getting medical service because you can choose your doctor and specialists from among the network of preferred providers. You will also need to decide whether you want add-ons such as prescription coverage, vision coverage or dental coverage, all of which will add to your cost.
- 3). Read for exclusions. Once you have decided which type of insurance you want and have obtained information from different companies, you need to read the policies to truly find out what they mean. Some policies tout only "high coverage limits" but you need to read the fine print to find exclusions or limitations. Pay attention to the percentage of the cost you have to pay for doctor visits, prescriptions, hospital stays, ambulances and other medical services. Understand how much you have to spend before your insurance kicks in and what percentage of costs you have to pick up. Find out the limits on each type of coverage; for example, if you have a $2 million total policy limit but a $500 limit on hospital stays or doctor visits, the policy may not be a good deal after all.
- 4). Fill out an application honestly. When you have selected your insurance company and decide to buy, it is essential to fill out the application truthfully. While being honest about a pre-existing condition may raise your rates or even exclude you from coverage from some carriers, you still need to be honest or the insurer can deny payment of benefits.
- 5). Send in your premiums. You will normally have to pay the first month's premium when you purchase your insurance. You can send in a check with your completed application, or according to the rules listed on the application form or with the insurance carrier. You will receive your insurance card and information about due dates for continued payments after you have been accepted.
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