The popularity of buying items online has grown significantly over time. Items, ranging from clothing to software products and health insurance coverage can easily be bought from online shops. The popularity of online shopping has inspired most organizations with physical locations to create online shops and move more activities online. Health insurance companies welcomed the widespread acceptance of online shopping by automating the process of getting coverage online. You can easily compare health insurance plans and get coverage online with minimal hassle.
With the popularity of online shopping and ease of getting health coverage online, a lot of persons have taken to simply buying health coverage online without professional help. We examine buying health coverage online without professional help, the pros and cons as well as the general features.
Let's begin by highlighting the pros and cons of buying health insurance online.
Pros
A major advantage of buying health insurance or any other product online is accessibility. You can compare rates and get online quotes from several companies on the Internet. From the comfort of your home or office, you can go through a wide range of offers from different companies and compare these plans before deciding.
When you buy insurance coverage online, you can get access to first-hand information from the insurance provider. Because people are increasingly buying health insurance online, providers provide a lot of online resources to enable an informed decision. You can also contact the customer service team directly to find out about specific products.
Buying health insurance online can also be cost-effective. This is because you would be interacting directly with the organization and the extra costs incurred with an intermediary are eliminated.
Cons
One of the major concerns about buying insurance online is safety. Most organizations apply measures to ensure the safety of personal and financial information shared when buying insurance online. You should also confirm the security of the website with basic measures before entering personal and financial details. The cons of buying insurance on the Internet are not exactly related to safety and security.
Access to limited information is one of the major disadvantages of this process. You may not get complete information about a product when you buy it online. To get extensive information about a product, you must conduct thorough research. This is one of the major reasons for the preference of traditional methods of buying health insurance over online purchases. You may get the full details of a product when you buy it online. This is true for health insurance products as much as it is for other products.
Some insurance companies have not perfected the process of making claims online. For such companies, an online purchase may just become a very cumbersome process. Before buying a particular coverage, you should confirm that the effectiveness of the entire process, including making claims, from representatives of the firm as well as persons that have bought the particular product you are interested in.
When you buy health insurance online, you may also miss custom offers. Insurance products are offered online with basic features, and customization could be achieved when the traditional method is applied.
The complexity of health insurance products
The US health insurance industry has a lot of players, from large corporations to small insurance providers. The market has a wide range of products in different categories. The categories of health insurance include short-term health insurance, affordable care act insurance (Obamacare), employer-based insurance and health benefit indemnity insurance plans. These different plans possess specific features with different advantages and disadvantages.
Obamacare, for example, is known for its broad coverage without discrimination against persons with pre-existing conditions. Obamacare also offers 10 essential benefits and can cover drugs that range from generic to specialty drugs. However, the disadvantages of this type of insurance include limitation of access to the open enrolment period, high deductibles and limitations in certain geographic areas.
Short-term insurance plans, on the other hand, cost a lot less than Obamacare. However, this type of insurance can be very limited. An application can also be rejected because of pre-existing conditions. This type of insurance is accessible all year round as there is no specific enrolment period. Also, this form of coverage is accepted by a lot of healthcare providers across the country.
Apart from the general features of the different types of health insurance, there are features peculiar to the different products offered within these categories. Premiums, deductibles, and other features differ with the type of coverage as well as the insurance provider. Choosing the right insurance involves an understanding of the features of a product and the ability to compare health insurance plans, rates, and quotes.
The role of agents
The traditional method of buying health insurance involves agents that serve as intermediaries between the insurance provider and the policyholder. These agents play an essential role in the US health insurance market, a market that can be quite complicated.
Insurance agents help policyholders find the right plan with a proper understanding of the needs and the complete features of the coverage. A product may seem like a good deal and end up being a very bad deal. The best agents represent the best interest of their clients and find products that serve their needs completely. An agent is your best bet for getting a custom product because of their extensive experience, established industry relationships and their knowledge of the industry.
Buying insurance online has a major appeal of affordability. A lot of persons buy insurance online to bypass the commission of agents and save money. However, this is mostly not the case. An agent will most likely find a better offer, and the commission, which could be borne by the insurance provider, will be inconsequential in light of the numerous other benefits. You are bound to get the best insurance rates with an agent on board.
Getting health insurance online has benefits of convenience, accessibility and, cost effectiveness. With professional help, these benefits can be maximized. If you’d like to do some or all research on your own checkout our virtual agent plan recommendation quiz and our self quotes page. If you’d like to meet or talk to Larry, call or text us at 317-296-8881.
