5 Times You Shouldn't Switch Health Insurers

Thinking of switching health insurers? Before you act, consider the following five risks. Facing any of them can be problematic and not worth the benefits of changing to a new company.

Risk #1: Your premium is 30% higher.

Unless you're rolling in dough, you probably are watching every dime. For this reason, paying 30% more for health insurance is out of the question, unless you have to because of a serious illness. Normally, when a consumer makes this type of move, he (or she) ends up feeling resentful. If your employer forces you into this type of situation, be vigilant in voicing your dissatisfaction to your benefits officer.

Risk #2: You have to change doctors.

Finding a doctor who relates to you and understands your health issues can be a challenge. Therefore, if you succeed in this area, you shouldn't switch health insurers. Many times, this type of change means you may not be able to keep your same doctor or you will receive less coverage. Either way, you lose.

Risk #3: Your benefits don't include alternative care.

At times, modern medicine won't cure you. When you find yourself in that type of situation, you may want the help of a skilled acupuncturist, naturopath or chiropractor. Therefore, if your new health insurer does not cover these services, you are out of luck. You will end up spending out-of-pocket money that you could use for other household expenses.

Risk #4: You inherit a much larger deductible.

Deductibles aren't scary until you have to pay one. As a result, you don't want to inherit a really large deductible. Consumers who pay $1500 or more before their health insurance benefits kick in often end up unhappy. For what they save in premiums, they pay out in doctor's bills. You shouldn't switch health insurers if you will face this type of dilemma. In the end, you won't be satisfied.

Risk #5: Your potential health insurer has a poor reputation.

Reputation is everything, even in the health industry. So, just as you wouldn't go to a doctor commonly referred to as a "quack", you should use the same logic in selecting a health insurer. You should never change to a health insurer that is known for scamming the public or providing really poor service. Trying to unravel an issue with this type of company may adversely affect your medical care and also lead you into court.

Rethinking your decision to switch to a new health insurer? Good. Before you do anything that will potentially affect your body, weight the facts, so you feel good about the results.