With the economy still tight and more and more provisions of the Affordable Care Act going into effect, state and federal regulators are warning the public about a surge in healthcare-related scams. Although it’s possible to determine whether a Health insurance company is financially sound if you do some digging, it’s more difficult to determine whether an insurer offers the best deal for you and your employees. Some carriers with strong balance sheets get there by arguing with sick policyholders over what they will and won’t cover. What should you do if you’re responsible for buying insurance for your company?
- Don’t let accelerating costs pressure you into to buying coverage that’s too cheap. Most of the scams uncovered by the government watchdog agency came about when employers and trade groups jumped in desperation at insurance that seemed less expensive than any other that they had been offered. If a deal sounds too good to be true, it probably is.
- Confirm that the company is licensed with the state insurance commissioner.
- Read the fine print carefully. Make sure all verbal commitments are in the fine print. Don’t just take the company’s word for it.
- Beware of copycats. Some phony insurers will go by a name that is similar to a trusted company. Confirm that you’re really dealing with the right company that has a good reputation.
- Instead of going for a cheap policy, raise your deductibles, or self-insured products such as Dental and Vision care. You might also buy a catastrophic policy that will cover serious illnesses and hospitalization.
For more tips on how to save on Health insurance, give us a call. We can review your options and recommend alternatives that might improve your bottom line, as well as your employees’ coverage.
