| My wife Donna and I are driving around Glastonbury, | | | | clients costs from $45 a month to $15 a month in CT. - |
| CT. yesterday and she started telling me how the gas | | | | be sure you look at it. |
| prices differ dramatically in town. She is a very astute | | | | 3) Look into a high deductible plan with supplementary |
| woman who can always find a bargain. As I looked | | | | coverage - One of the greatest costs to a client in |
| around the town I saw she was absolutely correct. | | | | health insurance is caused by accidents. Many |
| One station has regular at $2.28, another at $2.16, and | | | | companies offer supplementary accident coverage |
| yet another at the other end of town at $2.06. I'm sure | | | | that will fill in the holes left by high deductible insurance |
| the bargain hunters like her go to the one that sells for | | | | policies. For example, I have a 41 year old female client |
| $2.06 - money's tight and you save it wherever you | | | | with a high deductible plan - $5000 on any hospital |
| can. Then I started thinking about the similarities of | | | | surgical visit. The plan is very basic - offers a couple of |
| pricing in CT when it comes to health insurance. Our | | | | office visits a year, prescription drug coverage, dental, |
| capitol of CT is Hartford - "Insurance Capital of the | | | | vision, etc. She is paying around $180 a month for the |
| World" - a lot of different insurance companies selling | | | | plan. One of the smarter things we did was include a |
| similar health plans - sometimes with a wide variety of | | | | $2500 supplemental accident plan - covers her up to |
| pricing. I wonder if people spend as much energy | | | | $2500 in the event of an accident - has a $100 |
| looking to save money on gas as they do on their | | | | deductible. Sure enough, she slipped in her kitchen and |
| health insurance. If they did their savings would be a lot | | | | fell - threw out her back - by the time she was done |
| more substantial! | | | | she had $1800 in expenses - the plan covered all of it |
| With that in mind, here are my six ways to reduce | | | | except for the $100 deductible. She saves money on |
| your health insurance costs. | | | | a high deductible plan each month, and has the |
| 1) Review your coverage and cost every year - It | | | | accident piece taken care of. If you own a business, |
| never ceases to amaze me the people who brag | | | | look into a high deductible group plan, combined with a |
| about how they saved $100 bucks for the year on | | | | supplementary plan like AFLAC - they offer great |
| their car or home insurance but never bother to look | | | | solutions to the holes in the coverage and help keep |
| into their health insurance plan. If they put the same | | | | your premiums low. |
| type of effort and research into this they could be | | | | 4) Quit smoking - You can save big dollars on your |
| putting a lot more money back into their pockets. | | | | insurance costs just by quitting smoking. To test this, I |
| There are health insurance companies now that offer | | | | plugged myself (45 year old man - good health |
| 2 or even 3 year rate guarantees (the premium rate | | | | preferred rating) into a health plan that would cost me |
| stays the same over that period) and insurance | | | | $219 a month. Next I rated myself as a preferred |
| brokers like myself can help you review your | | | | smoker and the premium jumped to $318 a month! So |
| coverage, often times help you find a similar or more | | | | then I put my wife (39 year old and myself |
| inclusive plan for less money. This past week I helped | | | | -non-smokers-preferred rating) on the same plan and |
| a 55 year old woman reduce her health insurance | | | | our premium came to $386 a month. That same plan |
| costs by $250 a month - changing her plan to a | | | | would cost us $562 a month if we are listed as |
| different company (she had never switched before, | | | | preferred smokers. So if you smoke, give it up - if you |
| they just continually rated her up each year) that she | | | | won't stop for your health, then stop smoking for your |
| had for over 6 years to a different company. In the | | | | wallet!!! A lot of companies will give you the preferred |
| process I lowered her deductible, and helped her get | | | | rating if you have stopped for 6 months. You can |
| improvements in her overall coverage amount, | | | | save up to 30% on your costs by kicking the habit! |
| prescription drug coverage, increased number of | | | | 5) Overweight - drop the pounds - If you are |
| doctor visits per year, and added a dental plan. She | | | | overweight, health insurance companies will rate up |
| essentially just saved $3000 over the course of the | | | | your policy premium. The average rate up can be |
| year and walked away with a much better health plan. | | | | around 25% if you are 20-30 pounds overweight. |
| If you want to do this on your own, there are many | | | | Once you drop the weight, contact your company - if |
| websites out there that can help - you can compare | | | | they won't make the adjustment for you - start looking |
| costs and plans with all of the major companies - or | | | | at different companies - your savings could be |
| feel free to contact me and I will be happy to help you. | | | | substantial. |
| Do not be afraid to change companies - rates and | | | | 6) Find a solution to your coverage problem - There is |
| coverage can vary dramatically. | | | | a solution out there for you. I recently sat with a group |
| 2) Unnecessary options - Take a look at your | | | | of realtors who were under the misconception that |
| coverage - are there options in it that you really don't | | | | they could not get health insurance because their |
| use or need? For example, if you are young and | | | | company did not offer a group plan. Nothing could be |
| healthy and rarely go to the doctor - you probably | | | | further from the truth - I showed them some individual |
| don't need a plan that gives you unlimited doctor visits | | | | plans that several of them are now with. I also was |
| over the year. There are many plans that will cover 2 | | | | able to put four of them into a small group plan (they |
| -4 visits a year or you can choose to pay for the visit | | | | were willing to start their own business together that |
| out of pocket it you wish. This can drop your premium | | | | could produce a Schedule C and the appropriate tax |
| down dramatically. Do you rarely need prescription | | | | documents). I recently also had a 50 year old female |
| medications - if you don't or you can go to Wal-Mart | | | | client - who was not insurable by individual plans due to |
| and get the generic brand for $4 - that is a great | | | | her condition - but we were able to find her a |
| solution. I have had clients who had great prescriptions | | | | guarantee issue plan that would cover her. Companies |
| drug plans that had a $2000 a year cap that didn't | | | | that would routinely deny coverage to people for |
| need it - just reducing it to a $500 cap can reduce | | | | years for such conditions like diabetes are now |
| your premium. Do you have a vision plan, but don't | | | | accepting the exact same people as clients. The |
| wear glasses or contacts? That is an easy and | | | | message here is don't give up - and if you need help - |
| obvious option to take a look at! If you pay a lot for | | | | get a broker/agent to help you find the coverage you |
| dental coverage, you can see if you have an Aspen | | | | need. |
| Dental office in your area. Look into getting a dental | | | | I hope this helps you to find ways to reduce your |
| discount card (usually around $9 a month) and see | | | | health insurance costs. If I can be of further assistance, |
| how much a month going there can save you. Dental | | | | feel free to drop me a line at your convenience. |
| plans can vary dramatically - I have been able to drop | | | | |