High Deductibles & High Premiums Have You Worried…

Supplemental Plans Can Make A Difference

There has been a lot of talk lately about how the Affordable Care Act has been good for America and how so many people are now able to afford coverage when in the past they could not.  Well in some cases this is actually true.  What you don’t hear too much about is that for the “Affordable” part of the law comes in the form of tax payer credits for many.  Or – if your income is too low you more than likely will end up in Medicaid and pay nothing for your insurance.  It is true that the elimination of pre-existing conditions is a good thing.  In our own office we have been able to help quite a few people obtain coverage when in the past we had no options available for them.  Then there is the rest of America who do not qualify for any financial assistance and they must bear the entire cost of increased premiums.

One of the things that continues to plague people is the rise in Deductibles, Coinsurance and Out-of-Pocket limits that continue to climb with no end in sight.  Actually none of this is new to health insurance but what is new is the very high costs that are now required to maintain a qualified health insurance plan for your family.  As these costs continues to rise it becomes harder and harder for many people to not only satisfy the higher deductibles and coinsurance limits but they must also maintain the higher cost of the  monthly premiums required to sustain the insurance as well.

So maybe you are asking yourself “what is his point” ?  Well… the point of this blog post is to help share with you some options that are still available today that may help you insure against or mitigate some of the medical cost depending on what illness or injury occurs.  This is not our first post on this subject but as monthly premiums and out-of-pocket costs continue to climb this subject becomes more relevant than ever.

You are going to start to hear a lot more in the coming months about these types of optional products from just about every major insurer as they continue to roll out new programs for their customers.  The types of optional policies that are currently being offered are Accident Plans, Critical Illness Plans, new and improved Short Term Medical Plans and upgraded Dental plans.  So why would anyone want to add one of these products to their current list of insurance policies?  For the most part these plans were designed to be used mostly in conjunction with an existing major medical plan with the goal to help mitigate the high deductible and coinsurance phases that exist in most medical plans today.  In a sense you are insuring against your deductibles and coinsurance maximums.

But as the monthly cost for the health plans continue to climb for many these higher costs have now exceeded the individuals ability to financially sustain the monthly premium.   For those that qualify for a Tax Payer Subsidy they at least are offered some financial relief from the increase in costs.  However there is a very large number of individuals and families that are required to bare the entire cost of the insurance themselves.  When a monthly premium for a family used to be around $600 a month and now it exceeds in some cases almost $2,000+ per month the choice has been made for them as they are no longer able to pay the premiums as billed.

So many are left seeking something that they can purchased and end up with some coverage rather than none.  These types of supplemental policies offer some protection although limited.  But the cost is also sustainable for many.  If you cannot afford an ACA Compliant health plan then plans like the ones listed below may be your only other choice short of doing nothing.

Here is an example that was close to home for our family.  A couple of years ago my wife tripped over the dog and smashed her shoulder against a set of rock covered stairs.  The end result was that she has broken her shoulder and in the end she had to go though surgery to mend the break along with several months of follow-up visits and recovery.  Including physical therapy which our current plan at the time had limited benefits for.  Our deductible was $5,000 plus an out-of-pocket max of $10,000 for the family.  Now – to be truthful we did not have any of these optional plans in place at the time and in fact we kept procrastinating buying one for various reasons.  We were kind of like the Contractor who never finishes his own home but takes care of his customers first.  Had we simply purchased the Accident plan which would have cost our family less than $2.00 per day our deductible, coinsurance and additional physical therapy would have been paid for by the supplemental Accident policy.

assurant_logo_rbThe one company that has been a leader in developing these types of cost-effective plans is Assurant Health.  Assurant offers one of the better portfolios of optional plans to choose from and at a cost that is very affordable.  These plans are available as standalone products which means anyone can apply for one or more of them in addition to any other coverage that they may currently have.  Or, if you cannot afford a major medical plan at this time you can still apply for one or more of these plans and have something rather than nothing.  Accidental injuries are one of the major causes for many people’s medical bills and so plans like the Accident Coverage plan offers you some relief in the event of an injury that most certainly will lead to expensive medical bills.  Click on any of the links below and find out more about these cost-effective plans.

Enrollment is done completely online and all policy benefits are emailed to your inbox.  Simple Easy!

If you have questions call me at (619) 435-6700 or send an email to “sales@individualhealth.com”.  Applications and quotes can also be taken right over the phone.  These types of plans will become more and more a part of our insurance fabric as we move further down the path of higher deductibles and higher out-of-pocket limits and certainly increased monthly premium.  In 2015 the Affordable Care Act is increasing the Out-of-Pocket maximum by another $300 or so.  Fewer plans to choose from with low deductibles is also quickly becoming the norm.  At lease consider it…

Visit our website at www.individualhealth.com

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