Health Insurance Options and Alternatives
Reducing the High Cost of Health Insurance
We are all experiencing the dramatic unexplainable rate increases in our insurance premiums.
You know the reasons given to us for these increases. Millions of people who were previously uninsured are now covered. Medical questions are no longer asked, therefore a healthy person pays the same rate as the person with major health issues. The healthy person's premium was increased to match the person with major health issues.
Are there options? Yes there are.
1. No health insurance. What would happen when you have a stroke or heart attack or breast cancer? Would you have sufficient personal assets to pay the hospital and Doctor bills? This is high risk should a medical need arise and this person is subject to the personal responsibility tax when filing taxes.
2. A health plan through your employer ACA plan (Affordable Care Act). Some employers provide insurance for their employers and their families. Some employers provide health insurance ONLY for the employee and not their family. Even when health insurance is provided by the employer do you know what the coverage includes?
3. A non-compliant ACA health plan - at a lower premium, with more benefits included. Often it may be to your advantage as a healthy person to purchase a health plan that is off the exchange, that is not part of the Affordable Care Act plans. Or perhaps one member of the family is on a ACA plan while the other members choose to go off the exchange to reduce the overall health insurance costs.
The advantages of the third option are:
a) PPO network you choose any Doctor, any hospital nationwide
b) Coverage worldwide. No restrictions.
c) Coverage on or off the job, even if covered by worker's comp.
d) Fixed rate locked in up to 36 full months. (long term savings)
e) Guaranteed renewable - without underwriting again. no medical questions.
f) Medical necessity for a procedure is determined by you and your Doctor, not by the insurance company, as is the time allotted to be in a hospital and what hospital.
Disadvantages:
a) Not all applicants are accepted due to current major health issues.
b) Applicant is subject to Personal responsibility tax. 1% - 2%.
There are many health insurance carriers. There are many agents who are available and would like to sell you "their" plan. It is to your advantage to talk with an agent who has sold various plans with different companies.
Why? Because from experience they have seen the benefits and disadvantage of each plan.
Whereas, a captive agent, selling only one product for one company has his/her best interest at heart vs yours.
Research your options before renewing your current health plan or purchasing a health insurance plan.
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