Health Insurance for Small Business – The best plan is a great agent Pt 3
Each time I come into contact with a potential client or speak to one of the referrals of my clients, I ask some specific questions that directly relate to the plan that the particular individual currently has in his file or in the drawer. You know the plan they got Health Insurance Quotes 2020 here https://www.healthinsurancequotes2020.com to protect them from having to file for bankruptcy owing to medical debt. That plan they bought to cover the life-saving organ transplant of $500,000 or those 40 treatments for chemotherapy that might need to suffer if they are diagnosed with cancer. So, what in your opinion do you think happens most times when I inquire about these basic individual questions about their health insurance plans? They do not know the answers! The following is a list of 10 questions I often ask a health insurance client. Let us see how many you can respond to without looking at their plan.
- With which Insurance company are you insured and what is the name of your health plan?
- What is your deductible tax year and are you going to pay a separate franchise for each family member if everyone in your family gets sick at the same time? (For example, most health plans have an annual deduction per person, for instance, US $250, US $500, US $1,000 or US $2,500.) Meanwhile, some plans require that you pay a maximum deductible of 2 people each year, although everyone in your family might need extensive medical care.)
- What is your percentage for coinsurance and what amount in dollars (stop loss) is it based on? (For example, a good plan with 80/20 coverage means that you pay 20 percent of the dollar value. This dollar value is also known as a stop loss and may vary depending on the type of plan you buy. $ 5,000 or US $ 10,000 or up to US $ 20,000 or there are some policies in the market that DO NOT have dollar value in stop loss.)
- What is your maximum expenditure per year? (for example, all franchises plus every percentage for coinsurance, in addition to all access fees applicable or other fees)
- What is the maximum benefit throughout life that the insurance company will pay if you become seriously ill and your plan has “sick” limits or limits? (For example, some plans may have a maximum of $ 5 million, but may have a maximum benefit of $ 100,000 per illness.) This means that you would have to develop many separate and unrelated fatal diseases, costing $ 100,000 or more. less, life coverage.)
- Is your plan a calendar plan, to the extent that you only pay a certain amount for a specific list of procedures? (for example, Midwest National Life, Mega Life & Health approved by the National Autonomous Association, NASE is famous for approving calendar plans) 7. Your plan has a co-pay doctor and you are limited to a given number of co-pay visits for a doctor each year? (For example, many plans have a limit of how many times they go to the doctor per year for a co-payment and, often, the limit is 2-4 visits.)
Health Insurance for Small Business – The best plan is a great agent Pt 2
Does 100% of health plans offer the insurance beneficiary better peace of mind? Maybe so. But is a comprehensive Major Medical Insurance 2020 found here https://www.medicalinsurance2020.org something that many individuals crave for? Probably not so! In my professional opinion, when you buy a health insurance plan, you must strike a balance between 4 important variables; wishes, needs, risk and price. Just like you would if you are buying options for a new car, you have to weigh all those variables before spending your money. If you are healthy, do not take medication and rarely go to the doctor, do you really need a 100% plan with a $5 co-pay for prescribed medications if you cost $300 more per month?
It is worth US $200 more per month to have a franchise of US $ 250.00 and a brand of US $20.00 / R$ 10.00 generic co-payment in front of an 80/20 plan with a franchise of US$ 2,500.00 which also offers a $20.00 mark? once a year $100 Rx deductible? Will not the 80/20 plan still offer adequate coverage? You do not think it would be better to place this extra $200 ($2,400 a year) in your bank account, just in case you have to pay your $2,500 franchise or buy a $12 Amoxicillin prescription? Is not it more sensible to keep your money sweat instead of paying higher premiums for an insurance company?
Yes, there are many ways to keep more money that would normally give an insurance company in the form of higher monthly premiums. For example, the federal government encourages consumers to buy H.S.A. (Health Savings Account) qualified the High Deduction Health Plans (HD.H.P.) so that they have more control over how the health care dollars are spent. Consumers who buy an HSA Qualified H.D.H.P. You can put extra money aside each year in an interest-bearing account so that you can make use of that money to make payment for out-of-pocket medical costs. Even procedures which are not usually covered by insurance firms, such as orthodontics, Lasik eye surgery, and alternative medications, become 100% deductible. If there are no claims in that year, the money that is deposited in the deferred tax H.S.A can be transferred the following year, obtaining an even higher interest rate. If there are no significant claims for several years (as is often the case), the insured ends up building a considerable account that enjoys tax benefits similar to those of a traditional IRA. The majority H.S.A. Administrators now offer thousands of mutual funds without a load to transfer their H.S.A. funds so that you can potentially earn an even higher interest rate.
In my experience, I believe that individuals who buy their health plan based on desires, rather than needs, feel the most defrauded or “stolen” by their insurance company and / or insurance agent. Actually, I hear almost identical comments from almost all the entrepreneurs with whom I speak. Comments like: “I have to manage my business, I do not have time to get sick!” “I think I went to the doctor twice in the last 5 years” and “My insurance company continues to increase my rates and I do not even use my insurance!” As a business owner, I can understand their frustration. So, is there any simple formula which every person can follow to facilitate the purchase of health insurance? Certainly! Be a well-informed consumer.
Health Insurance for Small Business – The best plan is a great agent Pt 1
I have been practicing as a health insurance broker for more than a decade and each day I read many “horror” tales published on the Internet about health insurance firms that pay no claims, denying coverage for specific diseases and doctors are not reimbursed for services doctors Unfortunately, insurance companies motivated for benefits, not for people (although they need people to earn revenue). If the insurance company can find a legal reason not to pay a complaint, they are likely to find it and the consumer will most likely suffer. Meanwhile, what most people cannot perceive is that there are just few gaps in any insurance plan that give the insurer an unfair advantage over the consumer. Actually, insurers do their best to detail the limitations of their coverage, giving the insured 10 days (a 10-day free period) to review their plan. Unfortunately, many individuals keep their insurance cards in their purse and keep their plan in a filing cabinet or drawer during the 10-day free appearance and usually it is not until they get a “denial” letter from an insurance firm that take their plan to really read through it.
Most people, who buy their own health insurance, depend a lot on the insurance agent who sells the plan to explain the coverage and benefits of the plan. In this case, many people who buy their own Health Insurance 2020 @ https://www.healthinsurance2020.org can say very little about their plan, in addition to what they pay in prizes and how much they have to pay to satisfy their franchise. For many consumers, buying a health insurance plan on their own can be a huge task. Acquiring a health insurance plan is not like buying a car, since the buyer knows that the engine and transmission are standard and that electric windows are optional. A health insurance policy is much more ambiguous, and it is usually very challenging for the consumer to decide what type of insurance is standardized and what other benefits are optional. In my opinion, that is the main reason why most of the insured do not perceive that they do not have insurance for a particular medical treatment till they get a large hospital bill stating that “the benefits were denied.”
Of course, we all complain about the insurance companies, but we know that they serve a “necessary evil”. And, although buying health insurance can be a frightening, frustrating, and time-consuming event, there are some things you could do as a consumer to make sure that you are buying the type of health insurance coverage you really need at a fair price. Dealing with small entrepreneurs and the autonomous market, I came to the conclusion that it is extremely difficult for people to distinguish between the type of health insurance coverage they “need” and the benefits they really “require”. Of recent, I have read several comments in different blogs that defend health plans that offer 100% coverage (without deduction and without insurance) and, although I agree that these types of plans have a great “brake appeal”, I can say experience that these plans are not for everyone.