| Why Should I Review My Individual or Family Health | | | | deductible of your choice ranging from $1000-$5000 |
| Insurance Plan? | | | | that requires you to pay for all medical expenses until |
| The bottom line as in all insurance plans is to protect | | | | the deductible is met then pay 20% of all treatment |
| you and or your family from devastating expense | | | | and the insurer pay 80%. These plans are only a good |
| should there be an illness or accident requiring medical | | | | choice for those who prefer to exchange a lower |
| expense. Many consumers are able to obtain health | | | | premium for covering more of the initial cost of routine |
| insurance through employer sponsored group plans | | | | medical expenses (co-pays, Dr. Visits) and just want |
| and in many instances this may be the best route. | | | | the coverage for any major medical issues or |
| However not all employer plans are ideal and as such | | | | accidents. |
| many areto comprehensive for your entire family | | | | Health Savings Accounts (HSA's) - This plan is like a |
| making the premiums much higher. Unless the | | | | self managed insurance that offers low premiums |
| employer covers the entire cost for you and your | | | | combined with high deductibles, the insurer pays 100% |
| family you actually be paying a higher premium than | | | | of expenses after the deductible is met . The insurer |
| you could obtain buying individual health insurance on | | | | sets up a tax sheltered savings account for you |
| your own. In other words suppose that you have a | | | | where the money can grow tax deferred to use for |
| fully comprehensive corporate sponsored health plan | | | | covering your deductible. The account comes with a |
| that is fully funded by your employer. | | | | debit card to use for office visits and prescriptions. |
| If you then chose to add a family member to that | | | | This plan goes with you wherever you go and is |
| same health insurance plan your employer may not | | | | owned by you. The premium savings can be huge but |
| cover any of the cost for those members and in turn | | | | it is important to contribute to the plan consistently in |
| you may be grossly overpaying for family health | | | | order to cover your deductible in the event of a major |
| insurance, and should at least do some shopping and | | | | medical expense. These plans are gaining popularity |
| compare plans from outside of the corporate | | | | with self employed and even corporations as an |
| sponsored plan to see if you could obtain sufficient | | | | alternative to high insurance cost. The benefits are one |
| coverage for your family for less. | | | | deductible per family per year, low premiums, tax |
| Additionally self employed workers should consider an | | | | savings, and more control over insurance expenditures. |
| individual health insurance plans or a family health | | | | Keep in mind that insurance companies will combine |
| insurance plan. In recent months many people have | | | | different features of the plans above to offer different |
| lost their jobs, and experienced transitions in the | | | | ranges of premiums. Most plans will allow for you to |
| workforce causing many to lose their employer | | | | choose a coinsurance amount from 0 to 50% where |
| sponsored health insurance leaving both them and their | | | | you choose the portion of all medical expenses you |
| families without crucial coverage. Many cannot afford | | | | will pay after you pay the deductible. Other options are |
| at the exorbitant cost of a COBRA plan they are | | | | deductibles themselves which range anywhere from |
| offered when the leave an employer and may go | | | | $500 to $5000 dollars before the insurance coverage |
| unprotected for a few or many months while seeking | | | | kicks in. Many rider options may be available as well |
| employment. Most insurance companies now offer | | | | such as a maternity rider, dental, life insurance and the |
| Short Term Medical Insurance also know as | | | | Health Savings Account also offers an Indemnity rider |
| Temporary Insurance as an alternative to COBRA | | | | should you have a major medical expense before you |
| these plans can be purchase from 1 to 12 months to | | | | have accumulated enough cash in the HSA to cover |
| cover the in between employment transition time. | | | | the deductible. |
| How Can I Determine What I Want in a Health | | | | Where Should I Purchase Health Insurance? |
| Insurance Plan? | | | | Most any reputable Licensed Agent can help you, |
| There are a few variables to consider when | | | | most people research rates and options online these |
| determining what plan will work best to suit your needs. | | | | days and can run a spreadsheet from most agents' |
| You must determine what features are important and | | | | website. You can usually choose what features you |
| how comprehensive you want your plan to be. Would | | | | want on the plan such as deductibles, co-pays, |
| you prefer a plan that includes co-pays for doctor | | | | coinsurance, and plan type this will help you narrow |
| visits and medications? Would you prefer a plan that | | | | down the options presented to you then work |
| pays everything from day one, or a plan that has | | | | backwards from there. |
| coverage for a major medical expense but offers low | | | | Regardless of what any agent may tell you the rates |
| premiums and tax advantages. Let's break this down | | | | are set by the carriers. |
| a little further. | | | | You will find the same rates with the same providers |
| Fully Comprehensive Plans - These plans usually have | | | | everywhere and in fact when you apply online you are |
| a choice of deductibles once they are met the insurer | | | | actually going direct to the carrier. You should stick |
| will cover the first dollar of all medical expenses these | | | | with carriers that have a high Rating with A.M. Best or |
| plans are usually considered the Cadillac and will have | | | | Standard and Poors which rate Insurance companies |
| the most protection for you and your family from day | | | | on the financial strength and ability to pay claims. Avoid |
| one but will also be reflected in the premium cost. | | | | companies that offer plans with rates that seem to |
| Co-Pay Insurance Plans - A insurance plan that will | | | | low compared to other health plans, plans that accept |
| pay just a fixed amount of the cost of prescriptions | | | | you even if you have serious preexisting conditions or |
| drugs and Doctor Office visits. Some insurance | | | | major illnesses, plans that claim to not be regulated by |
| carriers provide a discounted co-pay plan that limits the | | | | the state and plans that avoid calling the plan insurance. |
| plan to two Dr office visits per year. | | | | Most importantly do your homework and speak with |
| Coinsurance Plans/ Major Medical Insurance - This is a | | | | an agent if you are unsure what plan suits you best. |
| middle of the road plan that typically has a higher | | | | |