So you have shopped for Health Insurance. You received 127 quotes from 22 different companies. Before you 
started shopping for Health Insurance you felt you understood what you needed and had a general knowledge about Health Insurance coverage. Now you are so confused and frustrated you put off the purchase of Health Insurance altogether. Does this sound like you? It sounds like a lot of clients I talk to. If I could give any advice it would be to first shop for a knowledgeable insurance agent. Find an Independent Insurance agent that has multiple companies to quote insurance through and has some years experience selling Health Insurance. So when you find an Insurance Agent that you are comfortable with it’s time to discuss your specific needs for Health Insurance. This might first seem like a difficult task but lets discuss the basics and then build upon it.
First lets talk about deductibles. What are you comfortable paying out of your pocket if something major happened? Now if it’s only $500 or $1,000 but you can’t afford a plan with that low of a deductible you can look at higher deductible options and then add an accident plan that can help pay some of the out of pockets medical expenses. This is a growing option lately. Companies like Aflac have great options for Accidents or Hospital stays and most Health Insurance companies can even add an accident plan that is inexpensive.
Next part of the policy I like to discuss is Office Visit coverage. Do you go to the doctor very often? Do you only go to the doctor for an annual physical? Have you not seen a doctor for several years and don’t care about doctors visits at all? Having coverage for doctors visits and preventative care (annual physical) can be expensive to add to a health plan. You need to look at the monthly cost and see if it makes sense to add.
Next you should look at prescription coverage. If you are currently taking expensive medications if may be tough to get a Health Insurance company willing to issue a policy with Prescription Coverage without increasing your rate more than the cost of the drug. Now if you take a generic medication you may not even need prescription coverage if the cost of the drug is reasonably priced.
Last thing to consider is a Health Savings Account plan. These are my most popular plans I sell today. Mostly these are popular with me because I believe in them and personal have a Health Savings Account Plan for my family. These plans are typically higher deductible plans staring around a $1,000 deductible up to a $10,000 deductible. The great benefit of these plans is you can put money in to a Health Savings Account and in most cases deduct it from your income taxes similar to a Traditional IRA account. Now when you have a medical expense that is not covered by your Health Insurance, such as co-pays or medications, you can use the money in your Health Savings account and not have to pay taxes on the withdrawal.
So after reading this you are less confused about your health insurance quote process, give me a call. If you are more confused, I apologize, but still call me! You can reach me at (248) 581-0331 or (888) 581-0331.
Bryan Cranson owns an independent Insurance Agency in Northville, Michigan specializing in Business Insurance and Health Insurance. They are licensed in the following states: Arizona, California, Indiana, Illinois, Kansas, Michigan, Missouri, New Mexico, New Jersey, Ohio, and Oklahoma.
Many of you have heard about Health Savings Accounts but aren’t completely sure how they work. If you purchase your own health insurance and haven’t looked at this option, it might be time for a look. A Health Savings Account Health Insurance plan or HSA Plan puts the insured in control of the Health Insurance plan. First you have much lower cost premiums, then you get to put pre-tax dollars in to a Health Savings Account and spend the money tax free on qualified medical expenses. Eventually if you don’t use the money in the Health Savings Account you can use the money in retirement (must follow the IRS guidelines to avoid penalties). You can even purchase items such as Aspirin or Vitamins.
Now when I talk about HSA’s with prospective clients one of their first concerns is ‘What happens at the end of the year if I don’t spend all of the money?’. The answer is: it rolls over to the next year just like your checking or savings account at a bank. People are getting confused about Flexible Spending accounts where you DO need to spend the money by the end of the year or the money is gone. Health Savings Accounts also have much more flexibility when it comes to using the money for medical bills.
Since there is a high deductible attached to these plans you must be disciplined enough to put money aside each month in to your HSA account. Nobody will require you to make those deposits but it is essential when you have an HSA Health Insurance plan. Without having money in the Health Savings Account you will be left with large medical bills if something serious happens. Usually what I recommend when I give a Health Insurance Quote that is an HSA Policy that the money they save each month in premium to put some or all of that money in to a Health Savings account until that money in the account accumulates to equal the deductible. Then if something does happen you won’t have much, if any, out of pocket since you can access the Health Savings Account funds.
Call us today if you want to get a Health Insurance Quote from one of our top HSA Health Insurance providers.
Thanks for reading!
Bryan Cranson owns an independent Insurance Agency in Northville, Michigan specializing in Business Insurance and Health Insurance. They are licensed in the following states: Arizona, California, Indiana, Illinois, Kansas, Michigan, Missouri, New Mexico, New Jersey, Ohio, and Oklahoma.
