Health Insurance

Health Insurance for the Whole Family

Health insurance can be expensive. When you think about it though, not having it can cost you far more. Exorbitant medical bills can leave a person vulnerable and, in some cases, even bankrupt them. Having the proper medical insurance securely in place will help cover the costs of medical care should an unplanned illness arise. In addition, having this all important coverage allows an individual to take preventative measures to prevent these illnesses from occurring in the first place. Have you ever heard the phrase “an ounce of prevention is worth a pound of cure?”. Being in the care of a physician and working together to stay healthy is vitally important and something the right health policy will facilitate when used as intended.

While we have many options for Major Medical plans, something to fit every need and budget, we also have ancillary plans for a more comprehensive, complete healthcare strategy. With access to many of the best carriers in the healthcare industry we can create a plan customized to every need and budget to protect you and the ones you love. Critical Illness, Accident, Indemnity (Fixed Benefit) Plans, Hospitalization, Dental, Vision & Hearing Plans, Prescription Drug Plans and more.

So you see, when combining a comprehensive healthcare plan which includes Major Medical with a selection of ancillary plans individually customized to meet your specific (or anticipated) needs, you can sleep at night knowing that should an unexpected illness or accident arise, you can meet the financial needs that come with it and maintain your focus on getting well.

Major Medical (On Exchange with Subsidy or Private Plans)

Major Medical insurance, by its very definition, is health insurance used for serious illness or hospitalization. There us usually a deductible or set amount that the patient is responsible for paying after which the plan would cover the most of the remaining cost of care. Usually there is coinsurance where the patient is then responsible for a percentage of the bill after the deductible is met. Once out-of-pockets maximums are reached (which will vary by plan), the plan would then pay the patients in-network coverage for the balance of the year.

Alternative Medical Plans

With healthcare costs on the rise, there are several alternatives to traditional healthcare insurance. Among them are:

  1. Primary Care Memberships – Often referred to as concierge medical service, some doctors or medical practices offer services for a flat fee. Often with no copay, they are able to get the usual medical services offered. These arrangements do not cover much of what traditional health insurance would (hospitalization, specialist care, surgery etc.) so often this type of plan would need supplemental coverage to include the more costly services.
  2. Medical Cost Sharing Programs – Participants in these do pay monthly fees but these fees get pooled and the members ‘share’ each other’s medical costs. There are fees, similar to copays, but the pooled fees cover the remainder of the costs. Many are faith based that may exclude some types of coverage but overall they function like regular insurance at a lower cost. We recommend reading the terms and conditions carefully of these policies.
  3. Health Savings Accounts – This type of savings account allows money to be set aside for qualified medical expenses on a pretax basis. You may be able to lower your overall cost of healthcare by using untaxed dollars to pay for some medical expenses although generally you cannot use this money to pay premiums.

Prescription Drug plans

As its name suggests, prescription drug coverage is available either through an individual or group healthcare plan, or, if not offered, one may be purchased in a standalone fashion. These plans help cover the costs prescription drugs and medications. All Marketplace plans cover prescription drugs.

Hospitalization Protection

These plans help cover financial exposure when admitted to the hospital. This may also cover outpatient medical treatment, surgery or other hospital related costs. Often the insured will receive a lump sum of money once the proof of costs is provided to the insurance company.

Indemnity (Fixed Benefit) Plans

Also referred to a a Fee-For-Service plan, an Indemnity Plan is a flexible plan allowing you to choose your doctor, healthcare professional, hospital or service provider and provides compensation for a set portion of the costs. You are not required to choose a Primary Care Provider (PCP) as there is no provider network and do not require you to obtain referrals.

Critical Illness Protection

Critical Illness insurance (also referred to as Catastrophic Illness) refers to lump sum benefits available for a diagnosis of cancer/heart attack/stroke, etc.  Many people believe their traditional health care coverage has coverages in place for these events when in fact, these often exorbitant costs are more than any plan will cover. There are exceptions to CI coverage so please be sure to read your policy carefully.

Accident Protection

Accident Protection Insurance helps you pay for the medical and out of pocket costs the insured may incur following an accident.  These costs may include, but are not limited to, emergency treatment, hospital stays and medical exams. They may also include things like transportation, lodging and meals. In short, these plans may help offset the costs if a covered accident occurs.

Dental, Vision and Hearing options

With coverage for vision exams and eyeglasses, basic and major dental services like crowns and fillings, plus hearing benefits adding one of these ancillary plans provides benefits which may not overwise be covered.

HMA – Health Matching Account

Better than an HSA and more flexible to use, a Health Matching Account is not actually insurance. It is a plan to make monthly contributions that over time help cover expenses traditional insurance might not.

Whether you’re working or recently retired, the best way to protect your family’s financial future is to stay informed on the best options to buy, sell, or replace your life insurance. Download a FREE brochure to learn more about your life insurance options.

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