When Reviewing Laboratory Values Of An 80 Year Old Man Health Insurance Buyers Beware! Some of the New TV Advertised Health Plans Are NOT Insurance!

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Health Insurance Buyers Beware! Some of the New TV Advertised Health Plans Are NOT Insurance!

INSURANCE IS NECESSARY TO FIND OUR FINANCE…

Insurance of all types is an important part of everyone’s financial life. We often set up risks that, if the unexpected happens in any of these areas, it can lead to a financial crisis that we, or our loved ones, may not be able to get out of in our lifetime. For example, we buy life insurance to protect our loved ones from the dire consequences that may come if the caregiver(s) are no longer alive to “bring home the bacon.” We buy auto insurance to cover the possibility of being involved in a car accident on our daily commutes, and last, but not least, we buy disability insurance to protect against complications that may occur if we are injured. preventing us from “bringing home the bacon” in the way we have been taught or trained to do.

Similarly, health insurance provides peace of mind that an emergency treatment followed by a long hospital stay will not force us to pay out of pocket. While some may question the value or importance of different types of insurance in the market, I don’t think most people would question the value, or importance of health insurance. I’m sure any social worker can tell you that questions about health insurance, its costs, and what it covers are some of the most frequently asked questions of new hires, and “regular vets.”

Although we are licensed to sell health insurance here at Halas Consulting, and have helped countless clients and friends and family find affordable health insurance, it is not our core business. We usually collect the information we need and pass it on to one of our independent brokers. However, we recognize that it is an important part of the overall financial system, and we ask about it and regularly review both current and prospective customers.

… BUT THIS IS NOT INSURANCE

The reason for this is the new health crops that have come to solve the problems we have here in the USA; people who cannot afford regular medical care, and/or unable to receive conventional care due to health problems. While there is no doubt that these health care problems are in dire need of a solution, these new policies are not. Although I have known about these types of plans for a while now, and I know their pros and cons. I didn’t have a problem with them since the companies that offered them were very clear about the fact that these health plans were not insurance, an ad I saw on TV the other day made my blood boil even after I went to the company’s website. I see “health insurance” as a drop down item at the top of the page. Although what they are offering is a health plan, it is NOT insurance, and I will tell you why.

WHY

The main purpose of all insurances, as I mentioned above, is to protect us from catastrophic damage. That is, the loss if we find it can cause us to be unable to recover it in our lifetime. For example, if I, a 38-year-old man, had a medical disaster that cost $300,000 when all was said and done, there’s a good chance it would take me years to pay, if at all, and even if I did. he said, there might not be much to enjoy in retirement. Golf and fishing trips in Ft. Lauderdale would be out of the equation. But if I have a medical plan provided by a major insurance company, with a co-insurance of $500, and 80/20 co-insurance up to $10,000, the insurance company pays the remaining amount up to $1. million, $2500 ($500 deductible + 20% of $10,000 which is $2000.) for the rest of my life, so the bill was paid even if I could borrow the money from a friend or family member if needed. If I follow the advice I give to clients, I should have more than $2500 in emergency funds kept in an FDIC insured bank account at my favorite online bank.

While $2500 is not pocket money for most I’m sure you’ll agree that it’s a lot harder than $300,000. New health plans, which are the focus of this article, do things differently.

IT’S FINE IN THE BEGINNING

Hey, what more could you ask? No one is denied, enough money per month, not only for doctors and hospitals, little or no waiting time for what was already there, discounts on drugs and dental programs, and the protection of the aforementioned doctor’s office and visits to hospitals, X-rays and labs. exams, pregnancies, emergency room visits and more. The problem is…

FIRST DOLLAR STRENGTH vs. CATASTROPHIC COVERAGE

…this is what I call “the first dollar.” The first dollar expense most people face is their insurance “deductible.” The purpose of the deductible is to eliminate “disruptive” small claims. Not paying these claims, which would have been more, allows the insurance company to save and invest the money that they would have had to pay for smaller things that would have been more, and to pay the money, using less money. customers. If someone buys a policy that covers everything ($0 deductible policy), the premium is much higher than a policy with a deductible, and as the first dollar amount that the insurer agrees to increase, your premium. equally reduces. Although it is possible, by paying extra, to get a great medical insurance to cover the first dollar fee, its main purpose is to protect against dangerous situations, which is what most people expect from their insurance. The problem is, these new health plans do things differently. They will cover your first dollar and then some, up to thousands of dollars, depending on the limits of the payment made for health or work, but once that certain number is hit, that’s the end of it! You don’t have to study for big, and maybe even more painful to lose money.

To be honest, many plans do, as I said above, they mention that the plan is not a big medical plan / scary lost in small books, in several places, but not everyone reads the small books carefully. I don’t like one company that uses the word “insurance” to describe what they offer because it is NOT insurance.

FINAL WORDS

Is there a place for these plans? Absolutely! If you can’t get major medical care at all or the cost is too low, then, as the old saying goes, “sumthin’ is better than nothin.”

If you have a high deductible plan and want something to close the gap between $0 and the deductible and the medical plan’s premiums are reasonable, it can be worthwhile. Discounts for being a member of a group that you usually have to join, in order to buy one of these health plans, are often very good. Just be careful if your health plan is a very affordable plan that has a Health Savings Account (HSA) attached to it. Some HSAs may not allow additional health plans, and continue to give the HSA its own tax advantages. It may be best to check with your high deductible plan provider to see if it is possible.

Covering your health and your family, with insurance, and the best way to do this is one of the most important decisions you can make buy health care, make sure you know what you are buying, the cost, and most importantly what it involves. A surprise moment is not the time to find out that your coverage isn’t what you thought it was. If you need any further assistance with this or any other insurance, tax or purchase costs, feel free to email me at the address below.

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