I speak with people almost every day that are looking to either replace their group coverage or an individual plan they already have. One constant is how few prospective clients are familiar with the basic details of their current plan. This would include such details as:
- Plan deductible (per person and/or per family)
- Coinsurance
- Maximium out of pocket exposure
- Office visit copays
- Details of prescription drug plan
All of these features deserve some thought as you search for a plan. Also, if you are looking to duplicate coverage from your group plan, it becomes even more critical to have a good understanding of the details of your present policy.
If you have an individual plan, take a quick look at the policy or at least know the policy name and deductible. More then likely that’s enough for an agent to determine the level of coverage you presently have. If you are on a group plan, you should have a summary document that details the coverage your plan offers in a concise fashion.
Having basic knowledge of your present plan, or the coverage you are looking for will increase the likelihood of a successful search for a new plan.