February 24, 2006, Newsletter Issue #21: 3 Tips for Buying Health Insurance

Tip of the Week

Are you considering buying your own individual health insurance policy? Here are three pointers to think about before writing the check.

The premiums of some health insurance plans can go up when you renew the policy, particularly as you age and your health changes. Ask your insurance agent if the premium increases have a limit. Double check that with your state’s insurance department.

Review the cancellation conditions of the insurance policy. A long term plan should never be cancelled due to illness, and renewability should be guaranteed.

Many people choose high deductible plans because of the lower monthly premiums they carry. If you choose this type of policy, you’ll need to use your own money to cover your routine health care until you meet the higher deductible. Make sure you have enough savings to pay for your yearly expenses comfortably.

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