Are you insurance deductible poor?

Prior to becoming a health and life insurance agent, I worked in corporate America for over 20 years. I never thought about my health insurance options except to make sure I had them.  Of course, times are changing and fewer companies are offering the benefit-rich packages enjoyed just a few years ago.

With all the changes in health care underway and still pending, it is fair to assume the benefits picture will continue to change, leaving more responsibilities to employees for managing their overall healthcare protections.

My personal experience in moving into self-employment left me thinking only about the amount of the deductible I would face in securing my own health plan. Fortunately, selling insurance has taught me a lot about how to make smarter decisions for my own healthcare protection.  With that in mind, here are some strategies you might consider for yourself.

First, keep in mind the lower the annual deductible, the higher the monthly premium. Along with that, remember, health insurance premiums will likely increase annually or more frequently in some cases.  There are more options than a $1,000 or $2500 deductible. With some carriers, you can raise your deductible as high as $10,000.

But I can already hear you, “Whoa there, little lady, I don't have that kind of cash laying around if I get into medical trouble. Are you crazy to suggest that high of a deductible?”

To that, I have a question for you to ponder. What would it take for you to actually have to pay something towards your deductible? Preventative procedures such as an annual physical, pap smear or a PSA are covered at 100%. Unless you have an ongoing condition that requires regular testing and treatments, you might consider a higher deductible with some supplemental plans to fill in the gaps to cover a catastrophic situation.

There are several things I like about supplements. Health insurance only covers your medical expenses.  Once your deductible is met, the carrier will cover a percentage of your expenses – usually 70 or 80%. Supplements are indemnity plans that offer direct pay to you, the policy owner.  The money becomes available based on a set of circumstances and is paid to you to use for whatever you need -  health expenses or living expenses. Most common supplements offer lump sum payments for critical care, hospitalizations, income protection, or accident coverage. Supplement premiums rarely go up and there is very little underwriting required to qualify for coverage.

Once more, a supplement-rich health strategy coupled with a high deductible health plan can often cost less overall and offer more benefits than a standalone low deductible health plan.

I encourage you evaluate how you are currently covered. If you are enrolled in a company plan, you might still consider looking at supplements to help you along the way should you end up with a lengthy illness or recovery.  If you need help with what to do, call me at 615-594-1564.  Quotes are free and knowledge is priceless.


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