What the insurance companies aren't telling you about your premium
Another year has passed and it's the perfect time to review your insurance policy. But this time, when you're reviewing your premium, be sure to take a close look at the "fine print" and what your insurance company is telling you about their fees.
It's not uncommon for an insurance company's media campaign to tout how much they offer families for a "low cost." But other than mentioning their low-cost monthly premiums, they somehow forget to mention the additional expenses needed in order for that low-cost monthly premium to come into effect.
So before you hop on board with any company promising a "low cost," make sure you know what hidden charges might come with it.
How to Find Out What Your Premium Costs
Here are some tips for reviewing your policy and getting to the bottom of how much you are really paying.
1. Get a detailed quote from several companies. The fact is, there's no way you can know what your premiums will be without discussing them with several companies in detail and seeing how their quotes compare. You can get different quotes from multiple companies by viewing their websites, calling them or going to an independent agent. Just be sure to ask about the additional fees included on most policies that you won't see during the quoting process.
2. Take all fees into consideration. Insurance policies have an array of fees that can greatly reduce your premium's value. Be sure to consider not only the monthly premium, but also the cost of the deductible, what you'll pay for co-pays, and whether you'll have to cover additional things after you reach a certain limit.
3. Ask about any additional charges before agreeing to anything. In order to get the best deal on your policy, ask about any other charges that you'd be responsible for on top of your premiums (like fees for paying on credit or using automated payment services).
4. Be aware of hidden costs. There are many other costs that can often be overlooked, like document fees to renew your policy or the cost of an annual physical exam, which often total hundreds of dollars.
5. Request a premium discount after you've used the policy for a few months. The longer you're a customer, the more you're likely to save from discounts on your premiums and even a reduction in deductibles and co-pays based on your level of service (thereby lowering your cost per claim).
6. Read all fine print carefully before agreeing to anything new in your policy. If you're already a customer, pay special attention to any changes made in your next renewal period. Make sure you understand what is required of you and whether the company has any new fees.
Help from an Independent Agent
As you can see, it's not easy to interpret all of the information on your insurance policy. That's where protecting what matters most comes in. An independent agent can help by asking all of the right questions and providing sound advice based on years of experience and expertise. An independent agent is there to serve as a professional guide who'll make buying insurance simple while ensuring that you get the best value for your money.
While any independent agent is bound by law to be objective, they must also answer to you and your needs. Because of this, many companies offer discounts to independent agents' customers, so its worth asking whether your policy would qualify for an additional discount.
Don't just settle for a low price on your insurance policy. Instead, make sure you're getting the best price possible by having an honest conversation with an agent who will help you review your policy and make the adjustments that are right for your family. Then you can get back to focusing on more important things — like what matters most in life.
Read More: http://www.lifewell.com/2014/01/what-the-insurance-companies-arent-telling-you.html
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Filed under: ETC, Politics | Tagged: life insurance, LifeWise, premium | Leave a comment » Paging Mr. Piffles: How your insurance policy got to be so expensive. Please call our customer service toll free number at 1 (800) 242-9077. We're waiting for you. One of us will be happy to assist you with a quote. Still not switching yet? Go ahead and post your story below. We would love to hear about your experience and how we can make switching easier for you in the future. Add your comments below. Paging Mr. Piffles: How your insurance policy got to be so expensive. Please call our customer service toll free number at 1 (800) 242-9077. We're waiting for you. One of us will be happy to assist you with a quote. Still not switching yet? Go ahead and post your story below. We would love to hear about your experience and how we can make switching easier for you in the future. Add your comments below.
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Insurance / Insurance News / Etc. / by: admin
Posted in Etc. | Tagged: Health Insurance, Paging Mr. Piffles, statistic | No Comments » Unless you are living your life without health insurance, then no doubt you have seen something about what a rip off it is to not have health coverage. But what should cause more anger than the cost is the fact that you are paying for someone else's health insurance with your taxes. Who is getting paid off? The very rich and the very poor in the United States get free or heavily subsidized medical care at hospitals run by county or local government. Health Insurance Companies (also referred to as H.I.'s) have made a killing off of the poor people who don't have health insurance. Over the years they have taken billions of dollars in fees and interest payments from people who don't have or can't afford health insurance. They don't pay for what isn't being paid for by taxes, and they don't pay for the many people who are fortunate enough to be able to afford it.
Conclusion
The above shows that the health insurance companies have a long history of ripping off the average American. The above shows that the health insurance companies have a long history of ripping off the average American.
Why You Should NOT Buy Health Insurance This Year Why You Should NOT Buy Health Insurance This Year Do you need health insurance? I want to get really clear on this question so you'll see that I'm not just some guy who doesn't know anything about how health care works in America. I am covered by HMO (Health Maintenance Organization) and PPO (Preferred Provider Organization) policies through both my employer and my wife's employer. My employer pays 100% of our coverage with nothing out of pocket.