“My health plan premium was just increased by 20% and I’ve only been enrolled for 7 months.” Sound familiar?
If you are enrolled in private or group health insurance then you know all about rate increases. It doesn’t matter if you are a new client or if you’ve been with the company for years. As you get older your health plan premium will continually increase until the age of 65 when you’re eligible for Medicare. Even then you will have to evaluate your Part D or Medicare supplement coverage annually because of the entry and exit of new plans.
The fact of the matter is, you should call your broker and evaluate your health plan at least once per year. I recommend you do it at least every six months.
With all of the new plans available and the drastic rate increases you never know what you could be missing. In an effort to remain competitive, companies are offering new plans with new premiums most every year. If you feel that you’re not getting the most from your medical insurance dollar then check with your broker. If you have been on a plan that provides prescription drugs and routine office visits to your primary care doctor, but you no longer use them, substantial savings could be realized by switching to a high deductible plan.
A real life case that just came across my desk today was unbelievable. One of our small business owners wanted to, “see what other coverage was available.” When we switched them from their current small group plan to a new one for a 05/01/2009 effective date, the monthly premium went from $1,017.00 to $565.00. And guess what, their new plan was identical to that of their old one.
This savings was substantial and more then worth the time that it took to switch this small group to another insurance carrier. It’s important to remember that not all companies or individuals will save this much from a plan change but it goes to show you that it’s possible. Depending on what your needs are and how much deductible you are willing to take on, savings could be around the corner.
JC Lewis Insurance Services
Monday, June 1, 2009
Wednesday, May 13, 2009
Get Health Insurance. Watch Out for Limitations!
“Accidents happen to other people, plus insurance costs too much and I can’t afford it.” This way of thinking could get you into trouble.
It’s quite common for someone without health insurance to file bankruptcy because of a catastrophic claim. In fact, approximately 50 % of the bankruptcies filed in 2007 were as of a result of medical costs. The average medical cost causing bankruptcy was $12,000. Costs however can get much higher if you are to stay in the hospital for more than 2 days. For instance if you stay in the hospital 3-4 days and have multiple surgeries, you could be looking at 60, 70 or even $150,000 in medical claims.
If you don’t have medical insurance it’s important to look into getting some as soon as possible. Even if you don’t think you will qualify there is most likely a plan out there that will cover you. The costs for medical bills will be much less if you have health insurance.
For the individuals in a recent boating accident in Florida that got national attention, insurance would have made all the difference in the world. For those who didn’t have health insurance, there were high out of pocket costs for services that included surgeries, multiple day stays in the hospital, physical rehabilitation, medication costs, etc.. Not to mention the mental trauma suffered by individuals who lost friends in the accident.
It’s so important to stay covered because you never know when something like this will happen. Without coverage you could go bankrupt, lose everything you own or have to set up a trust fund and hope that you get enough to cover your medical costs.
Make sure to examine the health plan evidence of benefit or talk to your agent before submitting an insurance application. With the increasing costs of health plan premiums, insurance companies are coming out with lower level benefit plans. Some put a limitations on your prescription drug costs, rehabilitation coverage, days stay in the hospital, office visit co-pays, maternity care, x-ray and lab, etc.. Don’t buy a plan unless you are absolutely sure what you’re getting.
Before you call your broker or insurance company, make a list of the services that are most important to you or your family’s needs and tell them what you are looking for. Don’t buy a plan because it’s the cheapest! Chances are you won’t be happy with the coverage if you should really need to use it. Many individuals and families applying online solely go for the lowest priced plan which often happens to be the wrong coverage. Talk with a licensed professional if you have any questions. They will look at all the plans and companies to determine the best choice for you or your family.
JC Lewis Insurance Services
To find out more about the Florida boating accident click below:
Florida Boating Accident
It’s quite common for someone without health insurance to file bankruptcy because of a catastrophic claim. In fact, approximately 50 % of the bankruptcies filed in 2007 were as of a result of medical costs. The average medical cost causing bankruptcy was $12,000. Costs however can get much higher if you are to stay in the hospital for more than 2 days. For instance if you stay in the hospital 3-4 days and have multiple surgeries, you could be looking at 60, 70 or even $150,000 in medical claims.
If you don’t have medical insurance it’s important to look into getting some as soon as possible. Even if you don’t think you will qualify there is most likely a plan out there that will cover you. The costs for medical bills will be much less if you have health insurance.
For the individuals in a recent boating accident in Florida that got national attention, insurance would have made all the difference in the world. For those who didn’t have health insurance, there were high out of pocket costs for services that included surgeries, multiple day stays in the hospital, physical rehabilitation, medication costs, etc.. Not to mention the mental trauma suffered by individuals who lost friends in the accident.
It’s so important to stay covered because you never know when something like this will happen. Without coverage you could go bankrupt, lose everything you own or have to set up a trust fund and hope that you get enough to cover your medical costs.
Make sure to examine the health plan evidence of benefit or talk to your agent before submitting an insurance application. With the increasing costs of health plan premiums, insurance companies are coming out with lower level benefit plans. Some put a limitations on your prescription drug costs, rehabilitation coverage, days stay in the hospital, office visit co-pays, maternity care, x-ray and lab, etc.. Don’t buy a plan unless you are absolutely sure what you’re getting.
Before you call your broker or insurance company, make a list of the services that are most important to you or your family’s needs and tell them what you are looking for. Don’t buy a plan because it’s the cheapest! Chances are you won’t be happy with the coverage if you should really need to use it. Many individuals and families applying online solely go for the lowest priced plan which often happens to be the wrong coverage. Talk with a licensed professional if you have any questions. They will look at all the plans and companies to determine the best choice for you or your family.
JC Lewis Insurance Services
To find out more about the Florida boating accident click below:
Florida Boating Accident
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