Steps to lower your health insurance premiums
Lower your health insurance cost by getting more coverage…here’s how
There are a ton of health insurance supplement plans out on the market today but there are really only two that are will not only provide you with more coverage that you need but coverage that your health insurance will not provide. In addition to that TIP, you also walk away with having less to pay in your health insurance premiums simply by following a few simple steps and for the right eligible persons (most) this now provides more coverage than you had before, with less premium costs on health insurance and supplements that are not only a must have but premiums that will not go up the sooner you get them.
Referring to supplemental health insurance plans the two that you should have on top of your existing health insurance policies are supplemental critical illness insurance and accidental health insurance. But wait don’t run and buy it just yet and here is why.
First you should know what it is and what does it do, and then of course how getting it can actually save you money on your existing comprehensive major medical health insurance. First off, most think about it like this. If you have Lojack, your likely to have it returned and the insurance carrier wont need to pay. Your car insurance may be lower. Or an alarm on your house may lower your the risk of an intruder and therefore lower payment on your homeowners. Well not exactly does it work like this whereby you tell them that you have this coverage and they lower your premium, but here is how. As the MLR (minimum loss ratio) is dictating that private health insurance carriers pay a certain percentage of every dollar towards healthcare and such due to the Health care Reform, prices on health insurance premiums are skyrocketing. Thus, in order for the majority of people to be able to afford the rate hikes, individuals as well as companies for group plans are having to raise their deductibles.As payroll companies come to us for assistance for tens of thousands of lives, we see an early pattern taking shape.
In most cases (group insurance as well) raising the deductible is saving money monthly but leaving Americans terrified about having a high deductible insurance as they wont have the money to pay that deductible. The answer is raising the deductible and getting a supplemental health insurance policy that is separate (this is KEY) from the major medical insurance policies.
How does getting a Supplemental health insurance policy help?
Most people in America as the stats go wont have a catastrophic instance but may have a critical illness likely where they will recuperate and live through the power and advances of modern day medicine. Such breakthroughs in technology may help us live longer, but we will not survive financially. Health insurance will not pay for us to be out of work for 6 months to a year, if you get cancer, Heart disease, strokes, paralysis, organ transplant etc. It will not take care of experimental treatments that may tend to work (Burzynsky clinic). It will not pay for other clinical trials, home health care, your spouse being out of work at your side, mortgage payments and the list goes on, but more off, it wont pay for your high deductible insurance you took out, nor the Co-insurance you forgot about.
Getting critical illness insurance pays for those covered conditions such as those mentioned diseases or covered conditions, and yes, these diagnosis know no age.
If you get diagnosed the policy will protect you by sending you a lump sum cash payment at the time of diagnosis and you can use the cash payments for all these expenses and keep whats left. You can use it however you like and not fall into the historical statistics of late.
Here are some stats:
- Three million nearly diagnosed cases in the US annually
- Over 60% of all bankruptcies due from a medical or critical illness
- Of the 60% Harvard research report stated….78% had health insurance
- Average amount of bankruptcy…just under $15,000
- rates based on mainly age, tobacco user or not and geographic location
- Average policy starts at only $20 but usually average $40 overall
- Can lock in rates and premiums will not go up with some companies
- Most policies benefits are tax free benefits
Breakdown: If you save $80 a month on raising to a high deductible health insurance policy to $5,000 $7500 or even a $10,000 such as most are doing today, than you are covered with more by having a critical illness insurance policy in the off event chance something was to befall you. If the Critical illness policy coverage cost you $40 you well ahead and with more benefits than you did prior.
What happens in the case of an accident?
This is a great question as if your high deductible health insurance is 10k, you’ll have to take care of things that are more likely to occur and bring you to the emergency room, such as an accident. If you slip in the bathtub and break and arm, hip or other, you’ll likely have to satisfy that deductible on your own before coverage kicks in. In fact with an accident occurring about 1 in every four seconds what can we do to protect ourselves not having to pay out that sort of deductible out of pocket? The answer is a supplemental health insurance as well, in this case accident insurance or specifically accidental health insurance. This will cover you for any accidents which are much more likely to occur. Critical illness insurance Resource Center might not specialize in accident insurance, but it doesn’t hurt to lend out facts that can assist you rather than leaving you with critical illness only information. Fact is accident health is another must have health insurance supplement. You can use it for typically unlimited amount of times and it pays 5,000 7500 or even $10,000 of coverage and you’ll never have to be concerned now with “how do I cover that high deductible insurance!?” You can get many choices for accident insurance, so shop around as you may be able to get your entire family covered for the same price as you can for just one person. What is the average price… about $30 a month. You can find a quote such as this on accidenthealthinsurance.us
ReCap this example: Save eighty on premiums raising your deductible (average family can be $250 a month) Getting critical illness benefits for perhaps $30-40 and accident insurance maybe $20-30 for entire family and you’ve more coverage than you had, with health insurance only and still save money. Added incentive is your rates are locked in, and you’ll appreciate that in years to come.
Tip: Do not procrastinate on getting Critical illness insurance as rates are going up do to the increase in demand due to the Heath Care Reform. Once you lock in your rates they will not go up.