• Don’t assume that just because you’re in perfect condition, you don’t need health insurance. You take a huge risk in forgoing it because one illness or injury could leave you in dire financial straits.

• If you’re among the many people who have lost their jobs during the economy’s decline, your options for health insurance are a little better. Your former employer is obligated to make available COBRA coverage at group rates, but you pick up the tab. For qualified employees, their spouses and dependents, COBRA (for the Consolidated Omnibus Budget Reconciliation Act of 1986) coverage must be available for 18 months.

• The Medical Information Bureau (MIB) keeps tabs on things such as test results and serious ailments you suffer. Though not everyone has an MIB record, if you have applied for individual life, health, or disability coverage within the past seven years, chances are you do. And the bureau can tell insurers whether you are a good risk. If you ask to see a copy of your record, the bureau is required to send you one. Get your report by calling 866-692-6901 or by clicking here. 

• Shop around; don’t just go with the first quote you receive without doing some comparing. Calling or e-mailing an insurer to request a quote is not a commitment to purchase insurance.

• Even for those on a tight budget, the least expensive doesn’t necessarily mean the best.

• Make yourself less of a risk for the insurer by getting healthier. Rates for smokers are higher than for nonsmokers, so get rid of the cigarettes. Also, if you’ve wanted to shed some weight, this is the perfect time. That could lower your blood pressure and cholesterol.

• Be aware that insurers probably won’t immediately cover any pre-existing condition (an illness or health problem that you had before you sought health coverage). In general, insurance companies exclude coverage of such conditions for a minimum of six months to a year after you have bought your policy, but that period varies from state to state.

• If you have a chance to stay with a group plan rather than an individual plan (in which you negotiate directly with the insurer), you probably can save some money. Professional organizations and alumni associations are among those who may offer group health coverage.

• Be sure to check on the physicians and hospitals that are included in the plan you’re considering.
If you find a plan that sounds good for you and works with your budget, get a complete copy of what your plan will look like before you purchase it. Read through the entire policy and watch for exceptions and clauses that will deny you coverage that you may need.

• Ask if you can get a “free look” with your insurance plan. It means you can get your money back if you’re dissatisfied within a set period of time, which could range from one to six weeks.