SAVE MONEY!!

The Insurance Help

SAVE MONEY!!

What is the #1 question people ask me when requesting a quote? WHAT IS MY ANNUAL DEDUCTIBLE??

It is time to get down to reality and the basics. With the economy today, we need the best health insurance coverage for the least amount of monthly premiums.

It is not just about the yearly deductible!

Use this formula to really save money:

Annual deductible + out of pocket maximum + plus yearly premiums = THE AMOUNT YOU WOULD BE RESPONSIBLE FOR A MAJOR HOSPITAL STAY.

Example:

2 Adults, Non-smokers and 2 Children

This family rarely goes to the doctor, except the kids a couple of times a year. Their main concern is if one of them had a major hospital stay. They cannot really afford high premiums. Here are two plans they could choose from:

Plan #1 Major Medical Plan with $1000 per year deductible and unlimited doctor office visits with co-pays of $35. Monthly premium would be $664 per month.

Plan #2 Major Medical Plan with $5000 per year deductible and 6 doctor office visits (per person) with co-pays of $35. Monthly premium would be $256 per month.

Now the concern is how much they would have to pay if one of them were hospitalized. Using the formula above here is the bottom line:

Plan 1 Monthly premium: $664

Annual Deductible:$1000

Plus Out of pocket maximum:        +$2000

Plus Yearly premium:         +$7968
($664 x 12)              =$10,968

Insureds Financial Responsibility if hospitalized:$10,968

Plan 2 Monthly Premium: $256

Annual Deductible:     $5000

Plus Out of pocket maximum:              +$2000

Plus YearlyPremium:        +$3072
($256 x 12)           =$10,072

Insureds Financial Responsiblity if hospitalized: $10,072

So you see the deductible for $1000 does not actually save you money because you are paying such high premiums.

OTHER COST SAVING SOLUTIONS:

Adding the doctor office visit co-pay option makes premiums alot higher. If you only go to the doctor once or twice a year it is better to just pay for the visit. Saves on premiums!!

Instead of getting "rated up" for a health condition, ask about a plan with Condition Specific Deductibles. This can also save you money on health insurance premiums.!!

Even if you have prescription coverage with co-pays, check the prices at different pharmacies for your medications. Some pharmacies charge less for generic prescriptions than the insurance co-pay! Example: My cholestrol medication through my insurance is a co-pay of $10 for 30 days. I asked the pharmacist what the price would be without the co-pay, and it was $10 for 90 days!! I called 3 other pharmacies and they did not have this price. So shop prices at drug stores on medications! It can save you money.

Another way to save on prescriptions is discount RX cards! There are several cards that are free to get and they can sometimes save you money!