That’s 100% right! Clear cut and simple.
Since the health care reform, there are a ton of questions even more than there are answers often and that’s the FACT! Here we will address one issue and answer: skyrocketing premiums of private insurance policies and what to do about it.
How do I lower my health insurance premiums?
Well the quick answer is always “raise your deductible” in order to lower your premium. This does bring up a great way to do so however, we are now left with a new challenge. What happens if I have to satisfy my deductible? Well that’s easy actually. First is to get yourself a plan that covers the main reason most people have to use their insurance anyways which are accidents more specifically. (Broken this, scraped that, stitched the other, fell down, landed on) Statistically an accident occurs every, get this…every four seconds. Probability is likely you’ll satisfy that high deductible of maybe $5,000 to $10,000 if raised. Solution:Accidental medical expense insurance to the rescue. Cost: About $40 for family. Coverage: About $5000-$10,000. Deductible:$100-$250 (again this is all about the average). This is a completely separate policy that adding a rider onto your health insurance plan TIP: Get a separate policy with a supplemental health insurance company, you get more and pay less and benefits are less likely to be difficult in paying claims.
What if something more serious like Cancer or Heart attack?
Problem: 3,000,000 approximate cases a year. Solution:Critical illness Insurance. Cost: Aver. Low $20. Average:Only $40-$50 Minimum coverage: $10,000 cash paid to you. Average coverage 40 year old non smoker about $100 per thousand or so.(rates vary depending on tobacco age and amount of coverage desired)
Example:Raised deductible saved single policy holder “X” $100 a month and got coverage on accident for $29.00
Coverage on Critical illness insurance (some come automatically with life insurance too) $28 for $30,000 (sample based on age and non-tobacco)
Spent nearly $60, yet saved money a month and walked away with more coverage than he had when he/she was paying more and got accident insurance, critical illness insurance, maybe life insurance as well and still saved money on premiums! TIP: Get a separate policy with a supplemental health insurance company, you get more and pay less and benefits are less likely to be difficult in paying claims.