Ask these before you sign anything, and ask for the answers in writing. A good advisor will not mind.
Whoever you buy from, these ten questions surface the things that cause regret later. An advisor who gets impatient with them is telling you something useful.
- Is this major-medical insurance, regulated by my state insurance department?
- Which carrier underwrites it, and what is their rating?
- Are my specific doctors and my hospital in the network? Please check them by name.
- What is the deductible, and what is the out-of-pocket maximum?
- Is there any dollar cap on what the plan will pay?
- How are my pre-existing conditions treated on this specific plan?
- Are my prescriptions on the formulary, and at what tier?
- What is excluded — maternity, mental health, anything else?
- When does coverage actually begin, and can the rate change at renewal?
- Can you send me the full plan documents before I decide?
That last one matters most. Any plan worth buying will put its exclusions and limits in writing, and you should read them before you enroll rather than after your first claim.
