As a way to begin let’s define what I mean by traditional medical care insurance. The traditional medical insurance policy comprises:
The deductible – This would be the amount that you must pay for the medical event before your medical health insurance will start to repay. In today’s world that deductible is normally $3000 or maybe more.
The coinsurance – After the deductible is met most policies require how the insured pay a share of all medical costs up to and including maximum. Usually the insured pays from 20% to as much as 50% of each and every dollar billed.
The copays – In an attempt to make routine medical accessible many policies incorporate a copay for doctor visits and prescriptions in place of having to meet a deductible. An example of this is actually the $10 doctor office visit copay.
Maximum Out-Of-Pocket Costs – This could be the most that insured can get to pay however large the medical bills are. As a general rule the ideal out-of-pocket costs for someone are on a around $7000. This might be a very misleading number given it assumes that every of your providers will be in your network. If they are beyond network your costs could be significantly higher.
And finally the “Network” – Virtually every traditional individual medical care insurance policy is bound to a network of providers. The narrower the healthcare network, the fewer the premium. There is an excessive amount of wrong with “networks” due to this article. Suffice it to say that “networks” include the enemy on the healthcare consumer (you).
The Problem Facing Working Americans
The concern is simple: medical insurance premiums are way too high for the majority of working Americans even without the a subsidy when combined with higher than normal deductible and away from pocket costs, healthcare becomes unaffordable. Let’s look at some examples here in North Carolina.
A non-smoking couple ages 62 and 63 see that their lowest premium option with BCBS of NC is $1999 30 days for a $13,300 family deductible without copays. A plan which has a $7000 deductible and $25 appointment copays would cost $2682 monthly.
Assuming the most affordable plan the annual cost can be $23,988 annually. And if either person experienced a medical event including cancer, the specific cost for healthcare can be $37,288. You have to ask: “Why even have medical health insurance?”
A non-smoking thirty year old couple found which the least expensive plan would cost $787.84 30 days for a $13,300 family deductible without having copays. The least expensive plan that included copays was $1056.88 but stood a $7000 deductible as well as the most restrictive network. Assuming the most affordable plan, should either an affiliate this young couple possess a medical event their total annual cost (deductible + premium) could well be $16,454.08. That can be a devastating amount of money for any young couple.
The simple solution to this concern is a Fixed Benefit Health Insurance. Unlike an essential medical policy the spot that the policy covers all eligible expenses following your deductible and out-of-pocket maximum, a Fixed Benefit Health Insurance Policy states the amount of will be purchased each specified service. Examples of specified services might include: daily benefit for in-hospital stay of one day, specific dollar benefits for specified surgeries, a selected benefit for doctor visits along with other specified charges. A great Fixed Benefit Health Insurance Policy should have very robust benefits, many specified covered charges, an incredibly comprehensive surgical schedule plus much more. The most important service that Fixed Benefit Health Insurance Policy can incorporate is medical bill negotiation, an email finder service that can significantly reduce out-of-pocket expenses.
What is absolutely great relating to this type of policy is always that empowers the insured to become a better consumer. Knowing how much your policy are going to pay you for any specified medical service permits you to better shop and negotiate the purchase price. But the great thing with this policy could be the affordable premium.
The couple ages 62 and 63 are a proper client of mine who has been uninsured for 5 years as a result with the high premiums. I was capable of put them to a robust Fixed Benefit Health Insurance Policy having a $5,000,000 lifetime benefit for $683 monthly. That is a once a year savings of $15,792. As I told my client the Fixed Benefit Health Insurance Policy can do a great job of covering 70% to 80% of everything that will happen. If they actually saved the $15,792 difference in premium they might have incredible entry to healthcare with very little from their own pocket.
Back in 2014 I was told they have colon cancer and were built with a partial elimination of large intestine (CP44205). Back then I was covered on the traditional major medical policy. My total out-of-pocket costs were greater than $7000. Had I had the Fixed Benefit Plan that I sell today not just would my costs have already been zero but I would’ve received a check mark from the insurance provider for $4619. Not every medical event might have resulted in an inspection and many might have led to out-of-pocket costs of various thousand dollars, however in general the savings would have greater than offset those costs.
So, before choosing to go without any health care insurance I strongly suggest that you just take a close look at a Fixed Benefit Health Insurance Policy.