One thing missing from the healthcare debate coming out of the White House is a call for accountability on the part of large insurance companies. Insurance companies can be our greatest heroes or worst nightmares, depending on whether or not the company is behaving ethically. The financial collapse of large insurers such as AIG proves that the companies do not operate in the most efficient manner, and that greed can sometimes get in the way of doing the right thing.

Here are some tips on ways you can protect yourself. Dr. Elaina George, a prominent Otolaryngologist in Atlanta, GA, has the following tips on things you should know about the insurance industry.

· Read the contract carefully. If you don't understand what you're signing, you shouldn't be signing it. Ask the company to clarify questionable issues, lay out scenarios to get a response and check with the human resources department with your company if you need additional information.

· Make sure your coverage is the right fit. Good insurance coverage should give you what you need at a price you can afford. Dr. George says that if you have any chronic medical problems, it is critical that you have a plan that gives you a large network of doctors. Given that African American health issues can be so complex, it might even help to have a doctor with some degree of cultural sensitivity.

· Make sure you know what benefits you are supposed to receive, don't just leave it up to the doctor. Dr. George says that if you have recently gone to the doctor, the current visit may not be in the records, affecting the amounts you are asked to put out in deductibles and co-pays.

· Don't be afraid to go above the head of your insurer. If you have gone through the formal appeals process and not been satisfied with the result, every state has an insurance commissioner to whom you can appeal.

· Read your bill. Your bill from the insurance company will detail what the doctor did for you, how much the insurer paid, and how much you have to pay. If you are not sure what the doctor did or didn't do, feel free to call the doctor's officer to ask for clarification. They sometimes make mistakes and overcharge you.

To read more of Dr. George's tips, please click here.

The bottom line is this: In order to be equipped to deal with a powerful and sometimes corrupt industry, you must arm yourself with information and perform due diligence. According to the American Association of Retired Persons (AARP), 1.85 million Americans went bankrupt last year due to medical expenses. Not planning for your insurance needs can be deadly for your health and for your bank account.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of "Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good." To have Dr. Boyce commentary delivered directly to your email, please click here.