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9 Steps to Financial Freedom

1) Work with an agent. You should get quotes and advice from at least 3 different agents before making a decision. While many agents do represent many different insurance companies, no agent "represents everyone" as many will claim. Agents are paid bonuses based on amounts of premium placed with each company. Therefore, most agents "steer" the majority of their clients to just a handful of companies. While this is not necessarily harmful to the customer, you need to speak to multiple agents to make certain you are covering all available companies. Each agent should show you at least one or two unique companies. Therefore, you should have between 3 to 6 companies to evaluate.

2) Even if you use the doctor’s office heavily, keep your co-payments on the high side. The higher the co-payment, the lower the premium. While low co-pays may seem enticing, it rarely makes economic sense. You will pay a higher premium every month, while you only the visit the doctor during the high times of the year. Insurance companies know this, and raise premiums accordingly to maximize profits.

3) Make certain check-ups and well-visits are covered as much as possible. Insurance companies have long realized that prevention saves them money. They don’t charge a significant mark-up for this service. This pays for itself.

4) Raise deductibles for hospital stays as high as possible. You rarely go to the hospital and even if you don’t have the money to cover the deductible, you can work that out later with the hospital. Having insurance gets you in the door and gets you treated.

5) Stick with the larger insurance companies. Small insurance companies, while they may have been in business for many years, do not have the scale to negotiate the best rates with doctors’ networks. The larger companies have negotiated the best rates with the doctors’ networks. This saves you money in the long run because more claims will be covered.

6) Make sure the company you choose has an A rating or higher with a good rating service like A.M. Best.

7) If it sounds too good to be true, it probably is. A medical discount plan or a cheap fully-insured policy is rarely going to pay the claims you hope for or need. Medical discount plans are not insurance policies. They are exactly what the name implies: a discount plan only.

8) Keep an open mind about doctors. Be willing to change doctors. What is important is that a good doctor is on the list, not that your current doctor is on the list. Doctors come and go these days. It is not worth paying a premium you can’t afford to hold on to the one you are currently using.

9) Drug cards are very important. Make sure the drug card has at the very least a good negotiated rate on drugs they do not cover under co-pay. Just because a drug is not on the formulary does not mean that a discount is not negotiated. Also, make sure the most common drugs for children’s most common ailments are covered under the formulary.

10) Keep an open mind about HMO's like Kaiser Permanente. While HMO's may get bad press, that is just because they are large targets with deep pockets. The fact is, HMO's have no higher a rate of malpractice than private doctors. It just seems that way because it is easier to track and report all of the lawsuits against a few large companies than track and report on the hundreds of thousands of private doctors. Everyone in medicine makes mistakes.

About MostChoice.com: MostChoice.com is a company that provides a combination of both online quotes and professional help from insurance agents, mortgage brokers, and real estate agents depending upon a customer's needs. MostChoice seeks to simplify and speed up the process of buying insurance and financial products by combining complete, impartial online information with the offline help of independent local agents.
 

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