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5 Tips to Find the Right Health Insurance

Want to know how to find the perfect health insurance plan for you and your family? Pacific Prime can show you how! Read our "5 Tips to Find the Right Health Insurance for You" to gain basic knowledge on how to start looking for a medical insurance plan.

 Pacific Prime provides you with 5 tips that aim to help insurance newbies navigate through the process of obtaining piece of mind through insurance coverage.

Tip #1 - Know the Lingo

You will see and hear any number of 'insurance words' littered throughout your policy or a given conversation with an insurance agent. Some of the more common examples of these are:

  • Premium: Premium is pretty much just a fancy word for the monetary cost of insurance. The premium is generally paid on a monthly, semi-annual or annual basis.
  • Deductible: In addition to regular premiums, a deductible is an additional amount that the insured must pay out-of-pocket before the insurer will dispense any benefit payments.
  • Exclusion: Medical insurance plans always have circumstances spelled out with in them under which claims will not be payable. This limitations are referred to as exclusions.
  • Waiting Period: Some insurance policies list an amount of time that must pass before claims are payable. This amount of time is the policy's waiting period.
  • Underwriter: Underwriting is the method an insurer uses to determine whether a particular party is eligible to receive insurance coverage, as well as what type of benefits to provide and how much each plan should cost. A person who carries this process out is an underwriter.
  • Claim: Whenever you actually use your service, a claim is documentation that you submit to your insurer to request that benefits be paid out by them.

In the world of insurance there is a vast plethora of jargon. If you are fuzzy on the meaning of any aspect of your insurance policy, be sure to ask your insurance advisor. They should be happy to bring clarity and answer all questions.

 Tip #2 – Identify Your Needs

What kind of insurance are you thinking of getting right now? Medial insurance? Surely. Most everyone needs to protect themselves from catastrophic medical issues. Now, what insurances do you really need?

When shopping for an insurance plan, people often have their sites set on one particular type of plan without even realizing everything that is on offer. Today you need a medical insurance plan, but does it include dental and vision coverage? Does it provide benefits for pre-natal care and labor like a Maternity Plan would? There are many facets to insurance, and types of plans vary. The great thing about this is that you can easily cutomize the plans you purchase to perfectly suit your specific needs.

Other types of insurances include:

  • Home Insurance
  • Motor Insurance
  • Business Insurance
  • Travel Insurance
  • Group Insurance
  • and much more!

There's even Golf Insurance that will cover the cost of celebratory drinks if you hit a hole in one, so be sure to ask your insurance professional about everything they have to offer. 

Tip #3 – The Price is not Always Right

Much in the same way that the most basic insurance plan will not be right for you, the plan with the lowest cost will likely also not be adequate. Indeed, you get what you pay for, and while shopping around for the best price on the right insurance plan is a good idea, simply buying whatever is cheapest will often lead people into plans that simply do not meet their needs. When it comes to health insurance, saving a little money now can lead to spending a lot more later. 

Tip #4 – Will They Cover It?

Some people will be caught off guard when they are finding a new health insurance plan, because they are suddenly informed that a condition that they already have will not be covered.

When you enter into an insurance policy with an existing disease or chronic ailment, it is commonly known as a pre-existing condition, and many insurers will exempt them from coverage. There is good news, however, in that some insurers will cover pre-existing conditions. The caveat here is that the premiums will likely be significantly higher due to the higher risk taken on by the insurer. If you have a pre-existing condition, be sure to mention this to your insurance agent so that they can spell out your options for you. 

Tip #5 – Look to the Future

We all want to live to a ripe old age, and since we're living longer than ever before, it is now more important than ever to plan ahead. With any luck, the insurer that we choose today can take care of our needs at any age. That is, until they inform you that they will not be renewing your policy because you've reached its maximum age limit.

While this is a worst case scenario, it can happen. Age limits are placed on some insurance policies to limit an insurers exposure to the increased risk of illness that befalls elderly people. Fortunately for us, there are insurers that offer medical insurance plans that are guaranteed renewable for life, with no maximum age limits. Again, talk to your insurance advisor to find out which policies have this feature. 


So there you have it. 5 tips to get you well on your way to feeling peace of mind due to knowing that you will be well taken care of in the event that something goes wrong. For additional tips, or if you have any questions that need answered, feel free to contact one of our advisors today, or check out Pacific Prime's quote form and compare insurers on your own.

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