Insurance Info

Many employers these days are asking their employees to accept a higher deductible or HSA account health plan in order to be able to continue to offer it as a benefit. The down economy is forcing businesses to do this to save money, yet still offer some kind of a benefit to attract the best employees. It is either change the benefits or get rid of them altogether. This puts the employee at risk of not being able to pay the hospital bills, home expenses or even go bankrupt.

This is where supplemental insurance should be looked at. There are many companies that offer to cover this gap in the health plan. Most of these pay cash direct to you, regardless of what health insurance carrier you might have from work. These premiums are affordable to most employees and do help you bridge that gap should you get sick or hurt. Continue reading ‘Supplemental Insurance, Is it a Good Idea?’ »

In this chapter I will give my strategies for how I configure my client’s coverage. Over time you will develop your own model for what you believe to be the ideal configuration based on your client’s wants and needs. What I share here is only meant to be an example. By no means do I think “my way” is the only way! My strategy is centered on finding the best overall plan configuration for my client taking into consideration their budget, desires, needs and unique circumstances. I also consider my compensation for both my time and knowledge. From the VERY beginning I teach the client what to look for when evaluating health insurance.

In order of importance:

1. Annual out-of-pocket maximum (this is by far the most important item to look at in any health insurance plan).
2. Plan deductible.
3. What is the co-insurance for lab, x-ray and other tests?
4. Is there a deductible for brand drugs and is there an annual cap on RX drugs.

In my opinion everything else in a health plan is “fluff”. For example office visit co-pays, wellness visits, ambulance deductible etc. Basically those items are inconsequential when evaluating out of pocket risk. What you want the prospect to understand is that health insurance was designed to protect their assets from a catastrophic medical expense AND to allow their loved ones to seek the best medical attention should they get SICK! That’s it! You don’t get car washes, oil changes, tires or and routine maintenance with your auto insurance, so why would you expect to get those ancillary services with health insurance? Because the health insurance companies have conditioned people to want those things so they can charge more on a monthly basis. Most individuals are accustomed to $10 office visit co-pays with their employer sponsored group HMO, but those “extras” are exorbitantly expensive when included into individual health insurance and you need to educate the prospect of that. Continue reading ‘Strategies For Designing Your Clients Health Coverage to Maximize Coverage and Minimize Cost’ »

One of the growing trends in the health insurance industry is the increased use of consumer-directed health care. It consists of a high-deductible health plan, intended for catastrophic use. The plan is attached to a health savings account, which is used for everyday expenses (such as prescription medications and doctor visits).

In 2009, consumer-directed insurance was clearly a growth segment for individuals, groups, and families. 27 percent more people opted for such a plan in 2009 than the year before. Continue reading ‘Consumer-Directed Family Health Insurance Increases In Popularity’ »

Health insurance premiums are becoming a larger and larger portion of the typical Colorado family’s budget.  For most, the rate of increase is not sustainable — but what do you do?  It would be unwise to go without health insurance coverage, but something has got to change.

Here are five steps that you can take to save money on your health insurance premiums (and/or reduce other health-related expenses):

Step 1
Consider taking a prudent risk by going with a higher deductible health plan.  Doing so can save you hundreds (or even thousands) of dollars per year.  Every dollar saved can pay “first dollar” benefits (i.e. co-pays and/or deductibles) if needed.  And, if you don’t need to spend it on health care, it is pure savings.  In addition, the purchasing power of these saved dollars is increased by 40% to 50% if the savings is invested (passes through) a tax advantaged account such as an Health Savings Account (HSA) or a Flexible Spending Account (FSA). Continue reading ‘How to Save Money on Colorado Health Insurance’ »

Getting your hands on the best Colorado health insurance you can afford may seem like a daunting task, but it doesn’t have to be when you know what you’re doing. Read on for some tips to help you find the best Colorado health insurance plan for your budget.

Know your options

To obtain a plan, you can either buy individual health insurance or you can get group health insurance through your employer. There are several kinds of plans to choose from. Here is a brief primer. Continue reading ‘Tips for Buying Colorado Health Insurance’ »