As you think about your health insurance coverage it’s important to know that one size definitely does not fit all. In my experience, most people sign on with a company and take what they’re given, regardless if it fits or not. When I work with a client, my goal is to customize her plan to fit with her needs. Most of the time I can get her better coverage for less money!
Think about your current coverage and consider these options:
- Dental/Vision – Although I can write dental coverage with most major carriers, the one I overwhelmingly recommend covers you up to $2,000/year instead of most plans which only go up to $1,000/year. No waiting periods and you choose your own Dentist and Eye Care Doctor.
- Accident Plan – Covers you in case of an accident, (Car accident, sport injuries, biking accidents, etc.) It pays the first (Your Deductible Amount) in case of an accident and also wipes out your deductible). With 87% of hospital related incidents coming from Accidents, it really pays to have this plan in place, especially those of you with children.
- Critical Illness – Pays you cash in case of a Major Illness (Heart Attack, Cancer, Stroke, such as AFLAC). You should figure how much you would need if you lost 3 months of income which is the average time it takes for treatment from a Heart Attack, Cancer, or Stroke. Coverage amounts from $10,000 – $50,000 are available at really low premiums. It will help you sleep better knowing you are covered for these life events with this plan.
- Life Insurance – What would your family do if all of a sudden you and your monthly income were gone? How would they make it financially without you? You can get a plan in place that would take care of the ones you love in the event you can no longer provide for them. We have very affordable plans available.
Let’s be wise about your coverage and make sure you’re not paying more than you have to for something that’s inadequate. You never know what a day can bring!
The Open Enrollment period for most health plans has ended, but if you’re healthy and don’t have coverage, or just want better coverage, there are still options available.
You might consider an annual plan, otherwise known as Short Term Medical insurance. It’s a major medical policy, often with $1 million in coverage, available with or without copays and deductibles as low as $1000. There are pros and cons to this option so let me explain:
Pros: The premium for most STM plans are significantly cheaper than ACA plans at full price. The doctor networks are usually much better and they are PPO plans.
Cons: Some who take the STM plan may still pay an extra tax for not having ACA coverage. The plans do not cover preexisting conditions nor pregnancy and some preexisting conditions can cause a denial of coverage.
That said, many people find that the savings in premium save money at the end of the year even with the extra tax. These plans are a great way for some people to keep their doctor and get excellent coverage year after year, or at least until Open Enrollment begins again later this year.
Call me. I’d be happy to discuss whether a Short Term Medical plan is right for you.
November 1st is upon us and the new rates are published. There are a few changes this year from last year in two main areas: subsidies and rates.
Most carriers are increasing their rates substantially, particularly those who kept their rates low last year in hopes of attracting new policyholders. Since rates change nearly every year these days the times of setting your coverage and forgetting it are gone. Now it’s important to check your policy every year and compare them with the new rates published by other companies. Since part of the law now includes the ability to enroll without fear of denial due to pre existing conditions, this makes it easy to switch from year to year, though it’s still a hassle to keep up with. That’s where I come in! The rates from some carriers this year will jump as much as 30% so let’s take a look at what you currently have and how much it will change come January first. There’s plenty of time to make adjustments and explore your options.
In the past, subsidies mainly pertained to premiums, which left many people frustrated with a low premium, but a deductible that was still prohibitive. This year cost reductions for many will extend beyond premiums to co-insurance as well. I found a policy for one of my clients with a major carrier whose rates, including the subsidy, were a $15/month premium and a $500 deductible! I’m not guaranteeing I can find that for everyone, but it’s possible for some.
Other miscellaneous changes:
Blue Cross and Blue Shield of Texas is doing away with their PPO. If you currently have that plan with BCBS you’ve probably already received a letter informing you of this. If you live in Texas and prefer PPOs there are still some available to you depending on where you live.
In addition to that, I have expanded my list of appointments to include Blue Cross Blue Shield of Texas, and Scott and White to go along with Humana, United Healthcare, Aetna, Cigna and Assurant. Keep in mind however that I am able to help you with any marketplace plan even if it’s with a company with which I am not appointed. Just refer me to your friends!
As one of my mentors is famous for saying: “You can have everything you want in life if you just help enough other people get what they want.”
For Life, Health, and Peace of mind,