Of all the kinds of insurance you have to buy – car, life, health, medical coverage seems to create the most anxiety. I think this is due to the fact that in the USA, these costs rise at the quickest scale. But if you will follow these eight tips, you can take the stress out of buying insurance.
1. Do your homework. Balance your need to purchase adequate health care insurance with the need to purchase life insurance, home insurance and other insurance policies. The greatest majority of Americans cannot afford adequate insurance coverage, period. But creating a plan that includes saving for insurance coverage is less stressful than giving up.
2. Comparison shop. You can buy a stronger insurance policy or get insurance you don’t already have by cutting down the cost of your current insurance. Comparison shop. Go to unbiased resources such as the magazine Consumer Reports (www.consumerreports.org), because they have no conflict of interest when they offer ratings due to their not accepting marketing dollars. It is wise to review your coverage and your costs annually.
3. Think “group coverage.” If you are self-employed or working for an organization that does not provide insurance, consult professional organizations in your field to learn if “group” self-insurance is available that can offer lower rates than individual-only policies.
4. Investigate a provider’s ability to deliver what he promises you before you sign the bottom line. A.M. Best provides free access to its Insurer Ratings Directory at its Web site at http://www.ambest.com. Contacting the Attorney General’s office for your home state will provide more information for you. Do a “google.com” search, too, for the latest news and reports on the reputation of insurance companies.
5. Don’t make mistakes on your insurance application. If you make a mistake or leave out any information (especially on many of today’s health policies that will void your policy over the smallest mistakes or omissions), you risk being declared ineligible. When you need your insurance is when some insurers will go over your policy word by word searching for any mistakes. So don’t make mistakes.
6. Never pay for insurance in cash. You need a paper trail to prove you have coverage and have made your payments in a timely fashion. Keep your records in a safe place.
7. Do your homework before saying yes to supplemental insurance. Don’t pay for supplemental insurance you don’t need. Also ask yourself: Is this policy really just a company that provides discounts that you can negotiate yourself or find by comparison shopping?
8. If you are over the age of 50. If you are 50 or older, or approaching that age, consider joining the American Association of Retired Persons (www.aarp.org). The richest corporations have powerful lobbyists to win tax breaks and cost savings from Congress every year. The AARP combines its large membership voice to equal the lobbying clout of many top corporate interests.
Today’s environment makes buying health insurance, life insurance, and car insurance somewhat of an anxiety-laden task. We hope our tips help to lower your stress level.
