 
If you are in the
market for health insurance, consider these
shopping tips before you buy.
Customer
service – Find out how the company
services its policyholders. Is there a
toll-free customer service number? What
happens when you call the company’s consumer
complaint number?
Complaint
history – Has the company had an
unusually high number of consumer
complaints? Call the Office of Insurance or
go to the agency Web site to access the
Complaint Ratio Search.
Licensing
status – Call the Office of Insurance to
find out if the company is licensed to do
business in Kentucky or go to the Office Web
site and do a company search.
Cost –
Premiums will vary from company to company.
Be sure to look at the benefits offered, as
well as the cost.
Financial
Stability – Financial stability helps
ensure that the company can pay its claims.
The Office of Insurance establishes
requirements that each company must follow
and continually monitors the financial
stability of insurance companies operating
in the state. Independent organizations also
rate financial stability.
Policy
details – It is very important to know
the details of any policy before you sign up
and begin paying premiums. Here are just a
few questions you should ask:
Are your
doctors, pharmacy and preferred hospital
part of the plan’s network?
Does the
policy cover all benefits you are likely to
need? (In young women, this might include
maternity benefits)
What is
the deductible?
What are
the co-pays?
Is there a
lifetime maximum?
What is
your maximum out-of-pocket cost?
Does the
policy cover routine care such as lab tests
and x-rays?
Does the
plan have a high deductible? If so, consider
how much you are likely to pay out prior to
receiving benefits. Would a more traditional
plan with a higher premium but a lower
deductible be a better fit for your
lifestyle?
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