As a health insurance agent, I call many potential clients and hear the same thing! They tell me that they've already spoken to an insurance agent, know how much health insurance will cost them, and tell me that they are very sorry, but they just cannot afford the bill! When I ask them how much the agent quoted them, I find that they were given price estimates two or three times more than my initial offer.
Why does that happen? Well, I can think of lots of reasons why agents would be tempted to sell the most expensive plans possible, but I also know that agents would rather make a smaller sale than no sale at all! I think the price quotes have more to do with a client's expectations than agent's greed.
Many clients are starting their own business after years in a corporate environment, and they were used to a group plan that covered almost any medical service with very small copays. Many clients are just not aware how much their old company contributed to a comprehensive plan like that, and when they quote invididual health insurance they get sticker shock!
The thing is, individual health insurance quote is usually cheaper than a group plan for the same person or family! That is because a company can underwrite every person on the plan, and are not locked into a contract to take everybody.
I am the first one to admit that health insurance takes a big bite out of a budget, but by trimming some services and keeping others, I can tailor a very satisfactory health insurance plan at a very budget friendly price.
If your family does not visit the doctor more than a couple of times a year, I would start by asking my clients to consider eliminating a doctor's copay. If you pay a $30 copay for a $100 doctor's visit, then you have saved $70. However, the copay feature of an insurance policy often adds 25% to a health insurance premium! For a family of four, that could mean you are paying $100 or more to save $70! In addition, most health insurance plans enroll you in a network, so your $100 doctor's bill may be reduced by 40 - 60% even without the copay.
Another consideration is your deductible. You probably cannot afford the $500 deductible that your old group plan had, but by raising that to $1500 - $2500, you will notice a sharp decline in your monthly health insurance bill! If possible, try to save some of the diffence in case you do have a major hospital bill.
But even if you can only afford a $5,000 hospital deductible, and you really don't have 5K to spare, you really shouldn't be concerned. The insurance card establishes your ability to pay to the hospital, and you won't be asked to write a check before service. You will be sent a bill, and can work out a payment plan after your health issue is resolved. When you balance the liklihood of a hospital stay against saving hundreds of dollars every month, most families will come out ahead with a higher deductible.
Accident plans and critical illness insurance can be low cost forms of coverage that will help you trim bills if you do have a major health issue.
I think it is more important to make certain that your health insurance policy is comprehensive, and will cover expensive medical services, rather than worrying about a larger deductible. Before you purchase a policy for your family, find out how it will handle cancer treatments, organ transplants, and out of town emergencies!
Remember, you are buying health insurance to protect your health and assets in case of a very serious illness, and not to cover a $12 bottle of antibiotics. If minor viruses were the only health issue we risked, nobody would worry about health insurance at all!
You may think that the best way to acquire health insurance coverage, is simply to obtain the complete coverage that you can afford. Off course to some extent it is true, and if you have many liquid resources then it is a good idea to obtain a good complete individual health insurance plan that includes everything from a small fees for hospital visits to full dental coverage. But, if you are not good budget, you may consider getting a smaller policy that you can afford and pay for some of medical expenses from you regular budget.
If you are trying several other methods that are costly to fill and refill, or that need regular check ups with your medical adviser or doctor to make sure that you have the right cure, it is important to obtain a complete health plan. However, if you are searching for other ways to meet your health costs, it may make sense not to get such plan. If you do not have any dependents and do not need to make regular hospital visits for any reason, consider whether you really need a full health insurance plan that gives you complete coverage. Paying more cost than your requirements for health insurance can be a heavy burden, so it is good to think creatively and realistically about what you really require and if it is possible to get the care you require without a large monthly payment to a health insurance providers.
Many people know that using a combination of free clinics and lower health insurance coverage, they are able to get by much less money that they would pay for comprehensive health insurance. It is a cool idea to have coverage that can help alleviating the burden if you suddenly develop a condition that requires urgent care. However, it is a good idea to look for different kinds of plans that are available, as one of the most plans designed specially to give you emergency coverage may be a much better way than a plan that will leave you generally well insured.
It is not a good way to apply different trick with your health care, so make this sure that you if do not opted for the maximum amount of insurance that you can afford, then you have a plan for how to meet any medical cost that may arise in future. Think about other possibilities that you can use to get money for your health care needs, such as starting an investment savings account where you store away the money you would be paying for insurance every month. This will help you to get prepared for anything. Don't forget coverage entirely though.
Both Mar - & Syed Rizvi are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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