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Health Insurance For Seniors On The Net

By William Pritchett

(Page 3 of 4)

Another consideration when reviewing various insurance plans is to look at the company itself. How long has the company been selling this type of insurance? Do they have a lot of complaints filed with the local department of insurance? Are the rates stable? Does it pay claims on time? Service? Most agents talk about the rating. These ratings are as follows:”A+” “A” “A-” B+” “B” “B-” “C+” “C” and “C-”, or “unrated”. Do not be fooled by just rating alone. It is good to have a high rating. however, it is far better to have a company that has longevity, stability, innovation, service, and expertise than good rating. The problem is that some companies enter into a market and quickly leave without explanation. This does not give security to the policyholder. The most important consideration should be a review of the profit/loss ratio for that product. This will establish stability, and longevity in the market. An insurance company with a moderate profit in a particular line of business will remain in that market. On the other hand, a company with losses will make changes and possibly even withdraw. This is information not normally available to Internet users.

Before entering into an insurance contract, the senior person, the family, and other advisors, must be realistic and a careful evaluation of the entire picture must be examined. The age, the health of the senior, the financial resources, the personality and attitude of the senior, and most importantly the desires of the senior, should all be considered.

Early planning is important, as qualification becomes increasingly more difficult as the applicant’s health declines. 

The senior health care market is complex. I will offer some words of advice to attempt to alleviate potential pitfalls. 

1) Choose a well informed, seasoned, and service oriented agent or broker to assist your decision making process. The professional can offer invaluable information. but do not be afraid to ask a lot of questions and even get a second opinion.

2) Do not wait until your parent or loved one is sick, or injured. Plan ahead and take the time needed to cover all the options.

3) Choose an experienced insurance company. A company that has been in the marketplace for a significant time, has shown to maintain a balance of rates and benefits and sound risk selection with moderate rate increases over time is your best bet. 

4) The plan itself should be flexible, with a broad range of options and benefit selections to the insured. There should be no tricks, or complicated language for the coverage. An incredibly low rate is a red flag for trouble in the future.

 

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