Health insurance shopping made easy!
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How do I pay for Individual
Health Insurance?
There are several different ways to pay for health insurance plans.
Once you have applied you are required to send a form of payment to
the insurance company. The different forms of payment can be via
check, credit card, or monthly bank draft. You will make your check
out to the health insurance company to which you apply and you should
note that in most cases your check will not be cashed nor will your
credit card be charged until you are approved. Should your request for
coverage be denied or you choose not to accept the health insurance
policy and your check has been cashed, a refund will be issued and
sent to you. Should your credit card be charged and your are declined
coverage or you choose not to accept the health insurance policy then
your credit card will be refunded any premium amount you may be owed.
You should note that some companies may charge more to "Direct Bill"
which basically means sending you a paper bill in the mail. A lot of
health insurance companies on the market today prefer either credit
card or Automatic Checking drafts.
Health Insurance consumers should also note that
a health insurance company may charge less if paying by the quarter or
annually. If you can afford to pay by the year you may ask your
representative to figure your rate based off of that to see if it
saves you any money. Once your request for coverage has been approved
you will be billed in the method you prefer. The clock starts ticking
when you are approved and not before.
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