Posted: 05/04/09
The loss of a job may leave one searching for affordable cheap health insurance. It is important to understand the policy details and limits before making a selection because picking the wrong policy could leave you with a burdensome medical debt should you become seriously ill.A recent Consumer Reports investigation looked at individual plans from many states. They interviewed Americans who bought these plans, and talked to insurance experts and regulators about the policies. Their findings are below:
- Health insurance policies with gaping holes are available from small to brand-name carriers. Regulators are not tasked with evaluating overall coverage in most states.
- It is difficult for consumers to compare policies, determine what the policy covers and estimate out of pocket expenses because disclosure requirements about coverage gaps are inadequate or nonexistent. Also, many people who have never been seriously ill have no idea of the cost of medical care.
- In many states people of modest means have no good options for coverage. Plans with adequate coverage may be unaffordable, while affordable plans could leave them with huge medical debt if they become seriously ill.
- Avoid plans with limited benefits, low coverage limits, ceilings on categories of care and unlimited out of pocket costs. If a specific medical service is not listed in the policy, assume it is not covered.
- Government officials can improve the market by defining clear terms for use by insurers, standardizing benefits, having insurers provide full, legally binding policy documents to anyone who requests them, as well as providing full disclosure of costs.
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Consumer Reports: Coverage gaps can leave you in big trouble
